Debt Ceiling Definition
Debt Ceiling
DEFINITION
DEFINITION
The Debt Ceiling is a loan. The limit on what the American Government can borrow. When the ceiling is reached, the US Treasury Department must stop issuing Treasury bill, bonds, and notes. Maximum borrowing power of Congress. Government credit card. Second Freedom Bond Act of 1917 allowed the US Treasury to issue bonds without Congressional approval, subject to the statutory limit.
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Arizona Member
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