Over the past decade, the U.S. Department of the Treasury has borrowed trillions of dollars to finance military interventions in two countries, unfunded tax cuts, and, most recently, efforts to rescue our financial system from collapse and help our economy recover from the Great Recession. But there is a limit to this borrowing, which the Treasury expects to reach by no later than early July.
As this debt-limit deadline approaches, the American people are wondering what the effects will be should Congress not raise the debt limit. This Debt Limit 101 briefly outlines everything you need to know about our debt limit, as well as the potential consequences of failing to raise it.
Showing posts with label Debt Deficit Debt Ceiling Congress Barack Obama George W. Bush Bill Clinton Government Spending. Show all posts
Showing posts with label Debt Deficit Debt Ceiling Congress Barack Obama George W. Bush Bill Clinton Government Spending. Show all posts
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