In the United States, a legal limit placed by law on the total amount of money the federal government can borrow. In practice, Congress routinely raises the debt limit rather than trigger automatic cuts in spending and borrowing. See National Debt.
In the United States, a legal limit placed by law on the total amount of money the federal government can borrow. In practice, Congress routinely raises the debt limit rather than trigger automatic cuts in spending and borrowing. See National Debt.