"The debt limit—commonly referred to as the debt
ceiling—is the maximum amount of debt that the
Department of the Treasury can issue to the public and
to other federal agencies. That amount is set by law
and has been increased over the years in order to finance
the government’s operations. Currently, there is no statutory
limit on the issuance of new federal debt because the
Bipartisan Budget Act of 2015 (Public Law 114-74),
enacted in November 2015, suspended the debt ceiling
through March 15, 2017. On March 16, the limit will be
reset to reflect cumulative borrowing through the period
of suspension...."
Federal debt
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