Changes

The '''Federal Debt Limit''', commonly known as the '''debt ceiling''', is the overall limit on federal government borrowing, as authorized by [[Congress]].  It is similar to an individual's credit card limit.

The '''Federal Debt Limit''', commonly known as the '''debt ceiling''', is the overall limit on federal government borrowing, as authorized by [[Congress]].  It is similar to an individual's credit card limit.

On Jan. 19, 2023, the [U.S. Treasury]] "reached the debt limit of $31.4 trillion."<ref name="CBS">https://www.cbsnews.com/news/debt-limit-ceiling-impact-on-your-finances-social-security-medicare-401k/</ref> [[Liberals]] use hysteria each time to increase the debt limit again and again, which impoverishes future generations of [[American]]s.  In fact, the [[stock market]] rocketed much higher the following day as [[conservatives]] stood strong against wasteful government spending.<ref>https://www.cbsnews.com/news/debt-limit-ceiling-impact-on-your-finances-social-security-medicare-401k/</ref>

On Jan. 19, 2023, the [[U.S. Treasury]] "reached the debt limit of $31.4 trillion,"<ref name="CBS">https://www.cbsnews.com/news/debt-limit-ceiling-impact-on-your-finances-social-security-medicare-401k/</ref> which was set at that level when Congress increased it by $2.5 trillion as signed into law by President [[Joe Biden]] on Dec. 16, 2021.

 

[[Liberals]] use hysteria each time to increase the debt limit again and again, which impoverishes future generations of [[American]]s.  In fact, the [[stock market]] rocketed much higher the following day as [[conservatives]] stood strong against wasteful government spending.<ref>https://www.cbsnews.com/news/debt-limit-ceiling-impact-on-your-finances-social-security-medicare-401k/</ref>

   

   

According to the [[Constitution]], the Congress must approve all borrowings on behalf of the United States.  Before the 20th century, Congress approved all bond issuances separately and explicitly.  With the introduction of the debt ceiling, the treasury now had a line on which it could borrow as needed, without having to go back to Congress for borrowings under the ceiling. Raising the debt ceiling is not the same thing as spending more money, since spending is dictated by the Federal [[Budget]], but it does allow the Federal Government to meet any existing financial obligations.

According to the [[Constitution]], the Congress must approve all borrowings on behalf of the United States.  Before the 20th century, Congress approved all bond issuances separately and explicitly.  With the introduction of the debt ceiling, the treasury now had a line on which it could borrow as needed, without having to go back to Congress for borrowings under the ceiling. Raising the debt ceiling is not the same thing as spending more money, since spending is dictated by the Federal [[Budget]], but it does allow the Federal Government to meet any existing financial obligations.