🔁Mario Nawfal:
🇺🇸 WHAT IS THE U.S. DEBT CEILING? IT'S LIKE MAXING OUT YOUR CREDIT CARD, BUT FOR NATIONS
The debt ceiling is the U.S. government’s borrowing limit—a cap on how much IOU Uncle Sam can issue to keep the lights on.
It was born in 1917 during WWI, is Congress’s cap on how much Uncle Sam can borrow.
Think maxing out a national credit card.
It doesn’t greenlight new spending; it just ensures the U.S. pays its bills.
When the Treasury hits the limit, it uses “extraordinary measures” (creative accounting) to avoid default.
Since 1960, Congress has raised or suspended it 78 times, always at the eleventh hour.
Source: Brookings
https://x.com/MarioNawfal/...
🇺🇸 WHAT IS THE U.S. DEBT CEILING? IT'S LIKE MAXING OUT YOUR CREDIT CARD, BUT FOR NATIONS
The debt ceiling is the U.S. government’s borrowing limit—a cap on how much IOU Uncle Sam can issue to keep the lights on.
It was born in 1917 during WWI, is Congress’s cap on how much Uncle Sam can borrow.
Think maxing out a national credit card.
It doesn’t greenlight new spending; it just ensures the U.S. pays its bills.
When the Treasury hits the limit, it uses “extraordinary measures” (creative accounting) to avoid default.
Since 1960, Congress has raised or suspended it 78 times, always at the eleventh hour.
Source: Brookings
https://x.com/MarioNawfal/...
2 days ago
