The US is heading toward a catastrophic — and avoidable — default. Here's what the debt ceiling is, and why it's so dangerous.
But Republicans and Democrats have historically been at odds over the best way to avoid that outcome,If that sounds familiar, you already know a fair deal about the"debt ceiling." If it doesn't, you don't know that every so often, Congress has to ask itself permission to pay America's bills, and roughly half of it usually doesn't want to. That's the"ceiling" that has to be raised.
The debt ceiling was introduced in 1917 to encourage the government to slow its borrowing. Reaching the limit forces one of two outcomes. Congress could raise the ceiling or temporarily suspend it and punt the problem into the future. Or the government could default on its debt.
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