https://edition.cnn.com/2021/09/18/politics/what-matters-debt-ceiling-limit-explainer/index.html
Also known as the "debt ceiling," it's exactly what it sounds like -- the maximum that the federal government is allowed to borrow. Why is there a maximum? Because Congress set one more than a century ago to curtail government borrowing -- but instead of sticking to it has gone ahead and raised the limit every time it's been hit.
It must be nice to be able to borrow without limits to pay off what's been borrowed.
The arguments in favor are generally the same every time. One is that the money's already been spent -- raising the debt limit just lets us keep paying back our creditors. (More on that in a second.) Another is that failing to raise the limit would cause the US to default on some of its obligations, triggering a crisis in the financial system.
Is it time? Only time will tell.
Right now, Republicans in Washington are saying they won't vote to raise the debt limit.
I doubt they will stick to it.
Outstanding public debt is about $28.7 trillion.
