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21 Dec 10:55

About our US Debt Ceiling news

Latest news on the US debt ceiling – counted in the trillions of dollars – a cap on how much the US government is allowed to borrow.

In order for the government to borrow more money, it needs approval from Congress to either suspend or change the current limit.

The debt limit was originally established in 1917 as a means of providing the government with the ability to raise funds during World War I, but disagreements over the limit have become increasingly contentious as political polarisation increases and US debt continues to rise.

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