The U.S. debt ceiling is not a particularly interesting topic, but it’s the limit our government can spend before it defaults — almost like a consumer credit card. And while it’s just a number to many, you might feel the effects based on what comes out of negotiations between Democrats and Republicans on Capitol Hill in the months to come.
In June 2023, former President Joe Biden suspended the debt ceiling with the Fiscal Responsibility Act, temporarily staving off an economic crisis. Then on Jan. 2 of this year, the ceiling was reinstated at its current level of $36.1 trillion, with the U.S. using what it calls “extraordinary measures” to keep spending money in the interim.
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This week, House Speaker Mike Johnson said he’d be willing to negotiate with Democrats to raise the debt ceiling, something President Donald Trump…
