The debt ceiling and a potential U.S. default: Background research
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What is the “debt ceiling” and why does it matter?
At the most basic level, it is the limit that Congress places on the U.S. Treasury in terms of how much debt it can issue. The Treasury has been at its technical limit — $16.699 trillion — since May, but it has been using certain budgeting tactics, so-called “extraordinary measures,” to get around the stated limits. But those measures will shortly no longer be viable, if Congress does not act.