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Debt Ceiling for Dummies

Elizabeth Aguilera, SAN DIEGO UNION-TRIBUNE

Friday, July 1, 2011

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What is it the debt ceiling?
The debt ceiling is a limit agreed on by Congress. It sets the maximum amount the government is authorized to borrow. Currently it is set at $14.3 trillion, the highest it has ever been. Reaching the limit affects the ability of the U.S. to continue to borrow money. Since 1993 Congress has raised the ceiling before the Treasury ran out of cash 16 times.