What Is the Debt Ceiling (And Does It Matter)

On Thursday, January 19, 2023, Treasury Secretary Janet Yellen announced that the United States had hit its debt ceiling of $31.4 trillion and is now relying on “extraordinary measures” to continue paying its bills. These measures should carry the U.S. through early June, at which point the government risks default if lawmakers can’t reach a deal to raise the national debt limit.

 

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