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3.2 Debt ceiling increases under President Bill Clinton. ... the debt ceiling is a law limiting the total amount of money the federal government can borrow.
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.
Sometimes Congress raises the debt ceiling quietly, and sometimes lawmakers use the occasion to engage in a noisy debate over fiscal policy before raising the cap at the last possible moment.
The history of the United States debt ceiling deals with movements in the United States debt ceiling since it was created in 1917. Management of the United States public debt is an important part of the macroeconomics of the United States economy and finance system, and the debt ceiling is a limitation on the federal government's ability to manage the economy and finance system.
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.
Since first setting a debt limit of $45bn in 1939, the debt ceiling has been raised 103 times. The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion.
McCarthy and House Republicans passed a bill last week that would raise the debt ceiling but attached numerous other provisions that would freeze government spending and gut a number of President ...
A debt limit or debt ceiling is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on ...