Not too long ago, the U.S. reached its debt ceiling. The amount of money the U.S. can borrow from others is determined by law, and Congress has to approve borrowing beyond a certain point. In the past, the debt ceiling has always been raised to accommodate the growing debt in the U.S. Indeed, in the past, both parties have been mostly content to raise the debt ceiling. Now, though, there is a battle brewing as Republicans refuse to vote to raise the debt ceiling. That means that the U.S. won’t be able to borrow money in order to meet its obligations.
[Read more…] about What is the National Debt Ceiling, and Why Should You Care?
