debt ceiling

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The maximum amount of debt a government can take on, usually in order to pay off creditors that have made loans to the government beforehand. It is a limit on debt spending. Also known as a debt limit.

If the debt ceiling is reached, that means the limit of borrowing money set by Congress has also been reached and no more money can be borrowed. If you owe creditors money, you won´t be able to pay them and you will be in default.


The Debt Ceiling

The Debt Ceiling