Debt Limit Q&A

Posted on AllSides October 4th, 2021
From The Center
Photo by Anna Moneymaker/Getty Images.

Democrats and Republicans are once again in a standoff over a looming debt limit crisis. Congress must raise or suspend the limit on federal borrowing soon or the U.S. government won’t be able to pay its bills.

Here we provide the facts on the political dispute.

What is the debt limit?

The debt limit is a cap on how much the Treasury Department can borrow to fund federal operations. Congress sets the debt limit, as required by federal law and consistent with the Constitution, which gives Congress the “power of the purse.”

The limit,...

Read full story

AllSides Media Bias Rating: Center
AllSides Media Bias Rating: Center
See full bias rating for
Learn about media bias

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right