The debt ceiling has been getting a lot of attention recently. A new Congress filled with lawmakers who promised to bring fiscal order must grapple with raising the debt ceiling, which currently stands at $14.294 trillion, when the limit is reached sometime this spring. The Treasury Department projects the ceiling could be reached sometime between March 31, and May 14, 2011.
Following is a short primer on the debt ceiling.
What is the debt ceiling?
The debt ceiling is the legal limit on the gross level of federal debt that the government can accrue.