A Primer on the Federal Debt Ceiling – Everything You Need to Know
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Debate is ramping up in Washington and across the country over the federal debt and the legislative decision to raise the national debt ceiling. But even for economists or budget experts, this debate can be obscure and wonkish. So in the hope of distilling the basics, here’s a quick primer on the federal debt – its legal limits, its history, and the current debate.
In short, the federal debt is the difference between the amount the U.S. government spends and earns over time – “deficit” is annual, “debt” is cumulative. Federal debt is issued (mostly) by the U.S. Treasury Department and
Article source: http://www.democrats.org/news/blog/a_primer_on_the_federal_debt_ceiling_everything_you_need_to_know
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