Debt ceiling is the utmost quantity of monies United States may be allowed to borrow. Debt upper limit or ceiling was initiated in the First World War, and was for the purpose of providing the Treasury a larger flexibility of not having a Congress endorsement in each new issuance of debt. All the time the government was in need of borrowing to cater for the stuff that the Congress had voted in favor of or in support of in order to end a financial crisis which ended on the acquiring of the debt ceiling.
The statutory on the federal begun under the ...