How the U.S. Debt Ceiling Works and Why It Matters

Posted on AllSides September 24th, 2021
From The Center

Congress must reach a deal to raise the federal borrowing limit, or debt ceiling, before the government runs out of money to pay its bills by mid-October. The House passed a measure keeping the government funded until early December and suspending its borrowing limit through 2022, but the bill faces an uphill battle in the Senate.

The debt ceiling came out of the need to accrue more debt during the world wars of the 20th century, prior to which Congress had to specifically approve borrowing for each purpose. Since then, the limit...

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https://www.wsj.com/articles/us-debt-ceiling-explained-11632429692

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