Everything You Need to Know About the Debt Ceiling Crisis – Again

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  • The Sky May Actually Fall
  • What Is the Federal Debt Ceiling?
  • What Is the Current Debt Ceiling?
  • Why Does the U.S. Even Need a Credit Limit?
  • How Many Times Has the Debt Ceiling Been Raised?
  • When Will the U.S. Reach the Debt Ceiling?
  • What Will Happen If It Isn't Raised?
  • How Would a Default Affect Me?
  • So Why Are Congress and the White House Arguing About This?

What Is the Federal Debt Ceiling?

The debt ceiling is a cap on the amount of money that the United States can borrow. Like many Americans, the federal government spends more than it earns in tax revenues, which is why Congress has to frequently raise the limit so the nation can pay its bills.

(Photo: Travel Images/UIG/GettyImages)

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