What you need to know about the federal debt ceiling, and why you should care
An agreement between President Trump and Democrats for a three-month extension for the debt ceiling means Congress temporarily ducks a political debate. But the recurring battle will surface...
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JUDY WOODRUFF: As you just heard in that discussion with Senator Durbin, a three-month agreementbetween Trump and -- President Trump and congressional Democrats to raise the debt ceiling meansCongress ducks a political debate that has dogged them in the past.But, in December, that recurring pitched battle will surface again, which leads us to ask,what is the debt ceiling, and where did it come from?Lisa Desjardins puts it in context.LISA DESJARDINS: Let's start with how the debt ceiling works.It sounds obvious, like the Capitol dome, an absolute height limit on debt.But the truth is, it doesn't work that way.The U.S. government is the largest spender on Earth, trillions of dollars a year.But the U.S. doesn't bring in as much as it spends.So, eac...
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JUDY WOODRUFF: As you just heard in that discussion with Senator Durbin, a three-month agreementbetween Trump and -- President Trump and congressional Democrats to raise the debt ceiling meansCongress ducks a political debate that has dogged them in the past.But, in December, that recurring pitched battle will surface again, which leads us to ask,what is the debt ceiling, and where did it come from?Lisa Desjardins puts it in context.LISA DESJARDINS: Let's start with how the debt ceiling works.It sounds obvious, like the Capitol dome, an absolute height limit on debt.But the truth is, it doesn't work that way.The U.S. government is the largest spender on Earth, trillions of dollars a year.But the U.S. doesn't bring in as much as it spends.So, eac...
