The Hill News

For many people the debt ceiling is an arcane concept. They have no of idea the impact it has or what impact it could have on America's economy. When the federal government has large deficits, it is spending more money than it is taking in, in taxes. This excess spending must be financed by debt. If the government is not allowed to issue more debt or borrow more money, it has no way of funding the spending programs that it is legally required to fund. It has a very difficult path at that point.

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