The Washington Post
Dec. 10, 2012
Look up! It’s the debt ceiling – and it’s getting closer once again.
The debt ceiling is the federal government’s legal borrowing limit as set by Congress. As the government nears the debt limit, lawmakers must vote to increase borrowing levels. Otherwise, the federal government would not be able to pay its bills and the United States could default on its obligations...
The federal government is expected to reach the current $16.395 trillion debt ceiling in February, according to most analysts. The Bipartisan Policy Center estimates that the limit could have to rise by between $730 billion and $1.25 trillion in 2013 and by between $1.3 trillion and $2.2 trillion in 2014.
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