- It's a cap set by Congress on how much the government can borrow in order to pay its debts.
- it is important because if the bills are not paid there could be a major slowdown tot he economy, with job losses alongside a rise in interest rates affecting a range of products from credit cards to home mortgages.
- If Congress fails to raise the debt ceiling, funds would not be available to pay bills and the U.S. government would technically be in default.
- As of October 2013, the debt limit is $16.7 trillion. President Barack Obama has asked Congress to raise it because if Congress fails to raise the debt ceiling, funds would not be available to pay bills and the U.S. government would be in default.
- No it is not.It has been raised since 1960, Congress has acted 78 times to permanently raise, temporarily extend or revise the definition of the debt limit.
- Not so well because they have been fighting each other instead of taking care of the country like giving people jobs, health care, taxes and etc.