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Because the government spends more money than it collects in tax revenue, lawmakers need to periodically tackle the issue -- a politically difficult task, as many are reluctant to vote for more debt.
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 ...
Bearish forecasters note that the government is spiraling deeper into debt, and there's no sign the trend will reverse. Publicly held debt is projected to reach 122.4% of GDP by 2034, up from 97.3 ...
Government debt is typically measured as the gross debt of the general government sector that is in the form of liabilities that are debt instruments. [2]: 207 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future.
Total US federal government debt breached the $30 trillion mark for the first time in history in February 2022. [9] As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt. [10]
The government then has to issue more bonds, which because of supply and demand, become less valuable with each one issued. And the cycle continues forever. For people and for governments, debt is ...
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
The only solution is to address what causes the debt in the first place: excessive government spending. It shouldn't be so hard. Politicians don't even need to stop spending more.