Definition of Debt Ceiling

What is a "debt ceiling"? What is the current debt ceiling of the United States? What is the definition of a debt ceiling?

The concept is a debt ceiling is pretty simple.

A "debt ceiling" is the maximum amount of debt that a government can take on.

For instance, the United States currently has a debt ceiling of $12.1 trillion dollars.

Considering that the country currently owes $12.09 trillion dollars, this is obviously a problem.

In order to spend past this ceiling, Congress must agree to raise it.

Since 2002, Congress has had to raise the ceiling seven times, with an eighth expected sometime during the next month.

As it stands right now, Democrats are calling for a $1.8 trillion dollar hike in the debt ceiling, while Republicans are trying to free the ceiling.

The purpose of the debt ceiling is to try to limit out-of-control spending, but it certainly hasn't had the desired effect over the past 6-7 years.

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