The debt ceiling drama, explained in 2 minutes
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CNN
The debt ceiling drama, explained in 2 minutes
The debt ceiling can often be a contentious debate in Congress. But what is it exactly and why does it matter? CNN's Christine Romans breaks it down for you.
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The United States debt ceiling, also known as the statutory debt limit, is the total amount of money the United States government is allowed to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt ceiling is periodically raised by Congress in order to allow the government to borrow the money it needs to meet its obligations. As of 2020, the current debt ceiling i
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The United States debt ceiling, also known as the statutory debt limit, is the total amount of money the United States government is allowed to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt ceiling is periodically raised by Congress in order to allow the government to borrow the money it needs to meet its obligations. As of 2020, the current debt ceiling i
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