The debt ceiling is the limit on the amount of money the federal government can borrow to continuing financing our nearly $17 trillion debt.
The issue of raising the debt ceiling is fundamentally about Washington’s addiction to over-spending.
- Last year Washington overspent by $1.1 trillion and our national debt is approaching $17 trillion
- If we don’t change course the debt is expected to hit $26 trillion by 2023
- This impacts ordinary Americans. Interest on the national debt could add $400 dollars a year to the average household’s bills
Increasing the debt ceiling without equal or greater spending cuts or reforms does nothing to address our long-term fiscal crisis. If Washington acts now to rein in spending, we can get to the point where we never have to address the debt ceiling again.
This is about governing responsibly. Our fragile recovery cannot be hamstrung by uncertainty or continued government overspending.
The official borrowing limit for the United States expired on Sunday, May 19, 2013, but the U.S. will not hit the actual debt limit until later in September or October, according to the Treasury Department.
For more information view our infographic or click “Get the Facts” below to read our in-depth briefing book.