| | 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. As of early July 2025, the U.S. debt was nearly $36 trillion.<ref>https://www.yahoo.com/finance/news/us-debt-now-37trn-worried-212745718.html</ref> | | 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. As of early July 2025, the U.S. debt was nearly $36 trillion.<ref>https://www.yahoo.com/finance/news/us-debt-now-37trn-worried-212745718.html</ref> |
| − | 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 worsening [[debt spiral]], whereby massive new debt is necessary to repay old debt'''''. "The founder of the world's biggest hedge fund, Ray Dalio, believes that US borrowing is at a crossroads. On its current trajectory he estimates the US will soon be spending $10tn a year in loan and interest repayments."<ref>[https://www.yahoo.com/finance/news/us-debt-now-37trn-worried-212745718.html Simon Jack, BBC Business Editor, "US debt is now $37tn – should we be worried?" (July 5, 2025)].</ref> | + | The [[One Big Beautiful Bill]] Act, signed into law on July 4, 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 worsening [[debt spiral]], whereby massive new debt is necessary to repay old debt'''''. "The founder of the world's biggest hedge fund, Ray Dalio, believes that US borrowing is at a crossroads. On its current trajectory he estimates the US will soon be spending $10tn a year in loan and interest repayments."<ref>[https://www.yahoo.com/finance/news/us-debt-now-37trn-worried-212745718.html Simon Jack, BBC Business Editor, "US debt is now $37tn – should we be worried?" (July 5, 2025)].</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> | | 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> |