What’s the Debt Ceiling and Will the US Raise It?

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The very phrase “debt ceiling” sounds austere and restrictive, as if it’s a lid on government spending. In fact, this cap on US government borrowing affects only the ability to pay existing bills, not to approve more spending. But it has become an explosive political issue with the potential to roil financial markets, since a failure to raise the ceiling could eventually result in a first-ever default on some of the government’s obligations.

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