What is the debt ceiling? The debt ceiling, also called the debt limit, is a cap on the total amount of money that the federal government is authorised to borrow via U.S. Treasury securities, such as bills and savings bonds, to fulfil its financial obligations. Because the United States runs budget deficits, it must borrow huge sums of money to pay its bills.
Discussions aimed at avoiding a default have bogged down as Republicans press their demand for spending caps, work requirements for public benefit programs and other proposals in exchange.
The debt ceiling was raised 74 times from March 1962 to May 2011, including 18 times under Ronald Reagan, eight times under Bill Clinton, and seven times under George W. Bush. In practice, the debt ceiling has never been reduced, even though the public debt itself may have reduced. Created by Congress in 1917, the debt limit, or ceiling, sets the maximum amount of outstanding federal debt the U.S. government can incur. In January 2023, the total national debt and the debt ceiling both stood at $31.4 trillion.
US debt currently stands at > World Debt Clock
Discussions aimed at avoiding a default have bogged down as Republicans press their demand for spending caps, work requirements for public benefit programs and other proposals in exchange.
The debt ceiling was raised 74 times from March 1962 to May 2011, including 18 times under Ronald Reagan, eight times under Bill Clinton, and seven times under George W. Bush. In practice, the debt ceiling has never been reduced, even though the public debt itself may have reduced. Created by Congress in 1917, the debt limit, or ceiling, sets the maximum amount of outstanding federal debt the U.S. government can incur. In January 2023, the total national debt and the debt ceiling both stood at $31.4 trillion.
US debt currently stands at > World Debt Clock
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