THE US DEBT CEILING ISSUE: ISSUES AND IMPLICATIONS
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- THE US DEBT CEILING ISSUE: ISSUES AND IMPLICATIONS
The United States debt ceiling is a parliamentary limit that decides how much debt the Treasury Department may incur. In 1939, Congress gave the Treasury the right to issue and manage debt though it restricted the amount of the issuance. The limit applies including the roughly $24.5 trillion of debt held by the public and the roughly $6.9 trillion the government owes itself as a result of borrowing from various government accounts. Since the end of World War II, Congress and the President have modified the debt ceiling more than 100 times. According to the latest December 2021 bill (117th Congress Public Law 73), the limit has been increased to $31.381 trillion (almost $31.4 trillion).