The U.S. Debt Ceiling Explained

We all have budgets to keep; whether or not we can comfortably keep them is a matter of planning for our income and expenses.

The U.S. government, as large and far-reaching as it is, has a budget of its own. Unfortunately, it is not always possible for the government to fulfill all its legal obligations with the money it receives. Each year the government must find ways to fill any budget deficits. The government does this by borrowing through public or internal debt.