The debt ceiling, this great foreboding "thing" followed only by impending destruction. We are told irreversible damage will be done if the U.S. does not increase the debt ceiling thereby defaulting on its debt. But what exactly is the debt ceiling? Most Americans read the news with its punchy and fearmongering headlines, but it is important that before the worst is assumed, we understand what is really going on. According to an article in U.S. News & World Report:
"In 1917, seeking a way to pay for the First World War without resorting to annual budgeting, Congress gave the Treasury Department more flexibility and began setting a cap on how much it could borrow. Since 1960, the ceiling has been raised 78 times — 49 under Republican presidents and 29 under Democrats.
Because the government spends more than it takes in, it periodically needs approval from Congress to borrow money. Congress then approves a limit that must be increased once the government says it has reached the prior ceiling."
The decision of raising the debt ceiling is highly divided among parties and it appears the decision to raise it drives nearer and nearer to the deadline causing concern for many. Below are a few articles in the Business Source Complete database about the debt ceiling and what it could, or could not, mean for you.
Smart, T. (2023). EXPLAINER: What Is the Debt Ceiling and Why Does It Matter? U.S. News & World Report - The Report, C8–C12.
Tellez, A. (2023). The Debt Ceiling, Explained—And What Could Happen If It’s Not Raised. Forbes.Com, N.PAG.
Harris, A. (2023). Debt Ceiling Anxiety Tracker: What to Watch as Crunch Time Nears. Bloomberg.Com, N.PAG.
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