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  The debt ceiling, a critical aspect of the United States financial landscape, has been a topic of considerable debate and concern in recent years. As the nation's debt continues to grow, understanding the debt ceiling is essential for grasping the impact it has on the economy, government, and citizens. This comprehensive guide will explore the debt ceiling, its history, significance, recent events, and potential consequences of not raising it. What is the Debt Ceiling? The debt ceiling is a cap on the total amount of money that the United States is authorized to borrow to fund the government and meet its financial obligations. This limit is set by Congress and serves as a check on the federal government's borrowing power. Why Does the Debt Ceiling Exist? The debt ceiling's primary purpose is to provide the federal government with a level of accountability and control over its spending. By setting a cap on the amount that can be borrowed, Congress ensures that the gove