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HippoCampus U.S. History & Government
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OpenStudy (anonymous):
What is the debt ceiling?
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OpenStudy (wwhitlock):
A debt ceiling is the highest amount of debt allowed. Credit cards have them. The US federal government currently does not.
OpenStudy (sf-apgov24):
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!
OpenStudy (wwhitlock):
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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