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The government needs to borrow money to continue paying out what Congress has already approved, but the debt ceiling puts a limit on how much money the U.S. government can borrow to pay its bills.
The debt ceiling is the limit placed by Congress on the amount of debt the government can accrue. In order to pay its bills to those it borrowed from and dole out money for everything from ...
U.S. federal government debt ceiling from 1990 to January 2012 [33] (unadjusted for GDP and population) The debt-ceiling debate of 1995 led to a showdown on the federal budget and resulted in the U.S. federal government shutdowns of 1995 and 1996. [34] [35] In all, Congress raised the debt ceiling eight times during the Clinton Administration.
The president-elect is also urging lawmakers to approve more government borrowing by addressing the nation's debt ceiling before he takes office on Jan. 20. ... Doing so will add about $4 trillion ...
The debt ceiling, or the debt limit, is the maximum amount the federal government can borrow to finance obligations that lawmakers and presidents have already approved. "The U.S. government, when ...
The U.S. national debt is nearing $33 trillion, but Janet Yellen isn’t worried just yet. ... with non-housing debt hitting an all-time high $4.7 trillion, and the U.S. debt to GDP ratio was 120%
The goal outlined in the Budget Control Act of 2011 was to cut at least $1.5 trillion over the coming 10 years (avoiding much larger "sequestration" across-the-board cuts which would be equal to the debt ceiling increase of $1.2 trillion incurred by Congress through a failure to produce a deficit reduction bill), therefore bypassing ...
The debt ceiling is the amount of money the U.S. government is legally allowed to borrow in order to pay its bills on pre-existing debt. ... AP Week in Pictures: Latin America and Caribbean.