Debt Ceiling

The latest on the debt ceiling. Also referred to as the debt limit, the debt ceiling is the amount of debt the United States is allowed to take on. Constitutionally, only Congress is allowed to raise the debt ceiling, balancing the economic powers between the executive branch and the legislative branch of the U.S. government. If Congress delays or does not raise the debt ceiling, it could result in drastic measures from the Treasury department and a downgrading of the country's credit rating.