The Truth About the US Debt Ceiling

The US debt ceiling is a limit on the amount the US government can borrow to pay its bills.

The debt ceiling was created in 1917 to control government borrowing and prevent excessive debt.

Since then, the debt ceiling has been raised over 100 times, including in 2019.

If the US government reaches the debt ceiling, it would default on its obligations, leading to a global recession.

In the past, lawmakers have used the debt ceiling as a bargaining chip to push their political agenda.

This has resulted in several close calls, including the 2011 debt-ceiling crisis, which caused the US to lose its AAA credit rating.

Some experts believe that the debt ceiling process is outdated and should be abolished.

Others argue that without a debt ceiling, government spending would be impossible to control.

Regardless of opinions, raising the debt ceiling is crucial to avoid catastrophic economic consequences.

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