| | [[File:Spending increase of the Pelosi-Reid and Obama era.JPG|thumb|380px|'''''The unsustainable path of spending increases of the [[110th United States Congress|Pelosi-Reid]] and [[Obama]] era.''''' Source:Federal Reserve Board]] | | [[File:Spending increase of the Pelosi-Reid and Obama era.JPG|thumb|380px|'''''The unsustainable path of spending increases of the [[110th United States Congress|Pelosi-Reid]] and [[Obama]] era.''''' Source:Federal Reserve Board]] |
| − | 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 [[One Big Beautiful Bill]] Act, passed by [[Congress]] on July 3, 2025, increased the debt ceiling by another $5 trillion to $41 trillion, which is roughly 75% the value of the entire [[U.S.]] [[stock market]]s. '''''The [[U.S.]] is in a rapidly worsening debt spiral, whereby large new debt is used to repay old debt'''''. | + | 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 [[One Big Beautiful Bill]] Act, passed by [[Congress]] on July 3, 2025, increased the debt ceiling by another $5 trillion to $41 trillion, roughly 75% the value of the entire [[U.S.]] [[stock market]]s. '''''The [[U.S.]] is in a rapidly worsening debt spiral, whereby large new debt is used to repay old debt'''''. |
| | As of November 22, 2024, the debt of the [[United States]] exceeded $36 trillion.<ref>https://www.pgpf.org/article/the-national-debt-is-now-more-than-36-trillion-what-does-that-mean/</ref> "The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025."<ref>https://www.bbc.com/news/articles/cr4r3rped5qo</ref> | | As of November 22, 2024, the debt of the [[United States]] exceeded $36 trillion.<ref>https://www.pgpf.org/article/the-national-debt-is-now-more-than-36-trillion-what-does-that-mean/</ref> "The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025."<ref>https://www.bbc.com/news/articles/cr4r3rped5qo</ref> |