What the Debt Ceiling Crisis Means for Your Money
As of January 19, 2023, the U.S. reached its debt limit. As Treasury Secretary Janet Yellen wrote in her letter to Congress, the government now has to resort to “extraordinary measures” to avoid a default on national debt.
While the Democrat-led Senate and Republican-controlled House of Representatives work to find a bipartisan solution – likely raising the debt ceiling – many Americans might wonder what all this means for their own money.
Hitting the debt ceiling – and potentially raising it – has several economic impacts that are important for you to know about.
What Is the Debt Ceiling?
The debt ceiling is the maximum amount of money the government can borrow, instituted by Congress in 1917 to help deter over-borrowing. Since 1960, Congress has raised the debt ceiling 78 times. Read More..
