Why we're talking about the debt limit again
CNN
Republicans and Democrats in Washington are gearing up for their occasional fight over raising the US debt limit.
Also known as the "debt ceiling," it's exactly what it sounds like -- the maximum that the federal government is allowed to borrow. Why is there a maximum? Because Congress set one more than a century ago to curtail government borrowing -- but instead of sticking to it has gone ahead and raised the limit every time it's been hit.
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