Q&A: What is the US debt ceiling?
- Published
The debt ceiling explained in 90 seconds
The debt ceiling is a cap on the total amount the US government can borrow, set by US lawmakers.
The current debt limit of $16.699 trillion was reached in May. Since then the US Treasury has been using what are called extraordinary measures to keep paying the bills.
Why does the US government need to borrow so much?
Why can't the president raise the limit?
How often has the limit been raised?
Why has it become such a big issue?
It seems a messy way to run the nation's finances.
When does the money run out?
What happens then?
So what does that mean?
What would it mean for the rest of the world?
Are there any other options?
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