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Posted on Oct 21, 2024 / Finance

The debt limit, also known as the "debt ceiling," is the maximum amount of debt that the United States government is authorized to borrow.

This limit is set by Congress and is periodically raised in order to allow the government to continue to borrow money to finance its operations. The debt limit has been a contentious issue in recent years, with some politicians arguing that it should be raised in order to avoid defaulting on the government's debt obligations, while others argue that it should be kept low in order to force the government to reduce spending.

Failure to raise the debt limit could lead to the US government default on its debt obligation, which could have serious economic consequences.

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