Debt ceiling refers to a legal limit on the amount of debt that a government can borrow. When the debt ceiling is reached, the government is unable to borrow any more money to meet its financial obligations, such as paying its bills or providing essential services.
The debt ceiling for 2025 has not yet been set. However, it is likely to be a significant issue in the coming years, as the federal government’s debt is projected to continue to grow. The debt ceiling has been a contentious issue in the past, with some arguing that it is necessary to control government spending and others arguing that it is harmful to the economy.
