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According to the text of the debt ceiling law, if the debt ceiling is not raised and extraordinary measures are exhausted, the U.S. government is legally unable to borrow money to pay its financial obligations. At that point, the law indicates that the government must cease making payments unless the treasury has cash on hand to cover them.
The current debt limit suspension ends on January 1, 2025. ... so it has less debt and set its original ceiling much higher than its actual debt levels. ...
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 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 an aggregate of gross debt, which includes debt in hands of public and in intragovernment accounts. The debt ceiling does not necessarily reflect the level of actual debt. From March 15 to October 30, 2015 there was a de facto debt limit of $18.153 trillion, [187] due to use of extraordinary measures.
The debt ceiling is an aggregate of gross debt, which includes debt in hands of public and in intragovernment accounts. The debt ceiling does not necessarily reflect the level of actual debt. From March 15 to October 30, 2015 there was a de facto debt limit of $18.153 trillion, [ 55 ] due to use of extraordinary measures .
The debt ceiling, or debt limit, is the total amount of money that the United States government can borrow to meet its existing legal obligations. ... current budget law — and so allows the ...
It is regarded as a legal formality and consequently a broad consensus in the Danish Parliament has set the limit much higher than the actual debt, making the limit irrelevant (it has been raised once, in 2010 when the debt had reached about two-thirds the limit, the nearest it has ever been, at which point the limit was more than doubled).