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Stumped by the debt ceiling? Here’s an explainer
Q. WHAT IS THE DEBT LIMIT? It is “the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments,” the Treasury Department explains. Basically, Congress appropriates money for projects and programs, then lawmakers have to give the executive branch permission to pay those bills...Read More
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