As the United States continues to grapple with the economic fallout of the coronavirus pandemic, the looming debt ceiling is now on the horizon. The debt ceiling is a legal limit set by Congress on the amount of money the federal government can borrow. It is currently set at $20.5 trillion, and the government is quickly approaching that limit.
The debt ceiling has been a source of contention in the past, and it is likely to be a major issue in the coming months. If Congress does not raise the debt ceiling, the government will be unable to borrow any more money and will be forced to make drastic cuts to its spending. This could have a devastating effect on the economy, as it would mean less money for essential services such as healthcare, education, and infrastructure.
The debt ceiling is a complex issue, and it is important for Americans to understand the implications of not raising it. It is also important to remember that the debt ceiling is not a sign of fiscal irresponsibility, but rather a necessary tool to ensure the government can continue to pay its bills.
It is unclear what Congress will do in the coming months, but one thing is certain: the debt ceiling is now on the horizon, and Americans should brace themselves for the potential consequences.