Why The U.S. Has A Debt Ceiling, While Most Other Countries Don't

The U.S. debt ceiling was raised by $2.5T, but it's been raised dozens of times since its 1917 creation.

Congress recently approved raising the debt ceiling by 2.5 trillion dollars.  

"The resolution we will vote on, will provide for raising of the debt limit to a level commensurate with funding necessary to get into 2023," said Sen. Chuck Schumer. 

Now that’s a lot of money, but if they didn't raise it, the country wouldn't be able to pay our bills. Things like social security benefits would be delayed, the military wouldn't be paid, and food assistance would stop.