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HippoCampus U.S. History & Government
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What is the debt ceiling?
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A debt ceiling is the highest amount of debt allowed. Credit cards have them. The US federal government currently does not.
Although they may act like it doesn't exist, Congress HAS established a debt ceiling, however every time the debt gets close to it, they increase it. Imagine if credit card companies allowed that!
In the most recent vote, Congress removed the debt ceiling. President Obama can rack up whatever debt he wants. Imagine if credit card companies did THAT.
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