FYI: The statutory debt limit has been the subject of much attention over the past few years. As the federal government operates at a deficit, spending more money than it collects in revenue, the cost of these deficits are added to a growing national debt. The federal debt limit restricts the Treasury Department’s ability to issue debt to pay for bills incurred by previous legislation (as opposed to limiting the ability of lawmakers to incur more debt via their spending and revenue decisions).
Regards,
Ted
https://bipartisanpolicy.org/debt-limit-history/
