Published on October 29, 2023
The debt ceiling in the United States, created in 1917, was founded on the principle of controlling the U.S. debt accrual and government spending. As one of a few countries that have a debt ceiling, there is constant and ongoing discourse regarding the debt ceiling’s true impact on the economy. Over the past century, even with the deterrent of the debt ceiling, the U.S. government is continuously running a deficit that is increasing by trillions each year. Because of this enormous expenditure, this has prompted repeated attempts to avoid default, renderi...