The US government debt ceiling is a legal limit set by Congress on the amount of debt that the federal government is allowed to get. This limit is regularly increased by Congress in order to allow the government to borrow more money to pay for various programs and initiatives.

The debt ceiling has been a source of controversy for many years. The supporters of the debt ceiling say that it is necessary to keep the government’s debt under control and prevent it from becoming too large, which might lead to economic instability and higher interest rates. Opponents say that the debt ceiling isn’t needed and could harm the economy by limiting the government’s ability to borrow money and invest money into programs and initiatives.

One of the main issues with the debt ceiling is that it can lead to a government shutdown if Congress is unable to agree on an increase. This can have serious consequences for the economy, as government programs and services won’t get funding, and thousands of government employees won’t get paid.

The debt ceiling has become a sort of bargaining chip for the parties. At the time of writing this article, we are only a few days away from hitting the debt ceiling, so the parties are currently fighting with each other about passing more money.

Overall, while the debt ceiling helps us control the government’s debt, it also poses a threat to the government’s stability. This is why some people think that the debt ceiling should be removed.