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The '''debt ceiling''' is the overall limit on federal government borrowing, as authorized by [[Congress]].  It is similar to an individaul's credit card limit.

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.

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 it needed to without having to go back to Congress for borrowings under the ceiling.

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 it needed to without having to go back to Congress for borrowings under the ceiling.

[[Barack Obama]] voted against raising the debt ceiling in 2006.

[[Barack Obama]] voted against raising the debt ceiling in 2006.  Now, he wants to raise the debt ceiling to over twice what it was raised to in 2006.  However, Obama may not get the debt ceiling increased by Congress who essentially deem the Obama administration to be a serious credit risk.