| | 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> 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. On May 1, 2023, Treasury Secretary [[Janet Yellen]] declared a deadline of June 1, 2023, to increase the debt ceiling or else the federal government would default on its obligations. Then, on May 26, 2023, she magically extended this [[Chicken Little]] deadline. | + | 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. On May 1, 2023, Treasury Secretary [[Janet Yellen]] declared a deadline of June 1, 2023, to increase the debt ceiling or else the federal government would default on its obligations. Then, on May 26, 2023, this [[Biden Administration]] appointee magically extended this [[Chicken Little]] deadline. |