Debt Limit Surpasses $30 Trillion

The debt ceiling or debt limit ensures that Congress is confronted with the consequences of out-of-control spending and borrowing in Washington. Like an alarm clock, the debt ceiling offers a fiscal check on the government’s finances and encourages congressional deliberation of policies to control spending and debt. Congress must not suspend the debt ceiling again. Congress should enact fiscal controls to put the budget on a path to balance before raising the debt ceiling.

floor chart

Updated July 13, 2021

Source: OMB

Related Charts
Take the Quiz!