- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not votedIntroducedOctober 8th, 2013
Failing to raise the debt limit won’t just impact crucial services — it could cause the nation to default on its debts, triggering a collapse in the financial market as well as a recession, or even a depression, in the global economy.
Why have a debt limit — much less constantly worry about raising it — when Congress already approves all borrowing by the federal government? Numerous countries get by without a debt limit, why is the U.S. still burdened with one?