Debt ceiling

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Debt ceiling

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Debt Ceiling

The maximum amount that a government can borrow. The term especially applies to municipalities; rising above the debt ceiling may trigger a reduction it a municipality's credit rating. Cities and other local governments that are near the debt limit may issue participation certificates--a right to the receivables for a certain project--instead of direct debt. The United States also has a national debt ceiling, but Congress simply raises it every time the national debt approaches the ceiling.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Under the potential package, the GOP would agree to most of President Clinton's request for additional domestic spending this year and to an increase in the national debt ceiling.
Now, a year after he "walked through the door," this year's deficit is projected to be $1.56 trillion, Congress voted in February to raise the national debt ceiling by $1.9 trillion (to $14.3 trillion), and the Obama administration plans to add $13 trillion to the national debt over the next decade.
In March, the United States will hit its national debt ceiling or borrowing authority, forcing Congress and the new administration to act on legislation that could have a profound impact on federal budget priorities.
The Republican leadership in Congress has expressed doubt about the need to raise the national debt ceiling, claiming that Geithner is exaggerating the danger.
That provision increased the national debt ceiling by $789 billion, from $11.315 trillion to $12.104 trillion.
The Stenholm amendment, HJ Res 290, would have required that total spending not exceed total revenues, the President to submit a balanced budget, a three-fifths majority in each House on any bill or amendment which would cause a deficit, and a three-fifths majority in each House to increase the national debt ceiling.
government would risk damaging its credit worthiness if it doesn't agree to raise the national debt ceiling past $14.3 trillion in the next few months, U.S.
Always favoring increases in the national debt ceiling, foreign-aid programs, and federal involvement in education, he even backed imposing federal wage and price controls on America's industry soon after he arrived on Capitol Hill.
One of the first votes that I cast on coming to the Senate in 1981 was on whether to raise the national debt ceiling to over $1 trillion.
Where Republicans had regularly done their best to block increases in the national debt ceiling when sought by a Democrat president, most caved in when Ronald Reagan wanted it raised.

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