What is United States debt ceiling?
The '''United States debt ceiling''' is a limit that tells how much [[money]] the [[United States government]] can borrow at any given time. It is set by the [[United States Congress]]. Its basic purpose is to try to lower the [[national debt of the United States]] or prevent excessive borrowing. The debt ceiling was created in 1917 under the [[Second Liberty Bond Act]].<ref name=Austin2>D. Andrew Austin, et al., ''Debt Limit: History and Recent Increases'' (Washington, DC: Congressional Research Service, 2011), p. 2</ref> It was designed to fund the US as it entered [[World War I]].<ref name=Austin2/> Before the creation of the debt ceiling, the [[President of the United States|president]] determined how much debt could be incurred in a given time. This was changed in 1917 to prevent the president from having too much borrowing power. The debt ceiling in 2011 was 14.3 [[trillion]] [[United States dollar|dollars]].<ref>Pierre Lemieux, ''The Public Debt Problem: A Comprehensive Guide'' (Basingstoke: Palgrave Macmillan, 2013), p. 9</ref> == References == {{reflist}} [[Category:Economy of the United States]] {{US-stub}}