debt ceiling

Definition

The legal limit on how much the federal government can borrow, which Congress periodically threatens not to raise in fiscal hostage negotiations. It's less a ceiling and more a regularly moved goalpost with apocalyptic consequences.

Example Usage

Markets panicked as Congress approached the debt ceiling deadline, with the Treasury warning of default within days.

Origin

Established by the Second Liberty Bond Act of 1917 to give Treasury borrowing flexibility during WWI

Fun Fact

The debt ceiling has been raised, extended, or revised 98 times since 1960—roughly once every seven months—making it less a limit than a recurring political drama.

Source: Fiscal policy and budget terminology

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