CAP en Español
Small CAP Banner

Idea of the Day: Facts About the Debt Limit

    PRINT:
  • print icon
  • SHARE:
  • Facebook icon
  • Twitter icon
  • Share on Google+
  • Email icon
idea light bulb

The government shutdown is already causing severe hardship across the country, but we are quickly approaching an even larger crisis: breaching the federal debt limit. Experts at the U.S. Department of the Treasury warn that if Congress fails to raise the debt limit soon, the result could be an economic catastrophe “of the magnitude of late 2008 or worse, and the result then was a recession more severe than any seen since the Great Depression.”

A new CAP column answers the five most important questions for understanding the debt limit crisis:

  1. What is the debt limit?
  2. What happens if we don’t raise the debt limit?
  3. Does raising the debt limit authorize new spending?
  4. Is there an alternative to raising the debt limit?
  5. Who is responsible for raising the debt limit?

For more on this topic, please see:

To speak with our experts on this topic, please contact:

Print: Katie Peters (economy, education, poverty, Half in Ten Education Fund, women's issues)
202.741.6285 or kpeters@americanprogress.org

Print: Tom Caiazza (foreign policy, health care, LGBT issues, gun-violence prevention, the National Security Agency)
202.481.7141 or tcaiazza@americanprogress.org

Print: Chelsea Kiene (energy and environment, Legal Progress, higher education)
202.478.5328 or ckiene@americanprogress.org

Spanish-language and ethnic media: Tanya Arditi
202.741.6258 or tarditi@americanprogress.org

TV: Rachel Rosen
202.483.2675 or rrosen@americanprogress.org

Radio: Chelsea Kiene
202.478.5328 or ckiene@americanprogress.org

 

This is part of a regular column: Idea of the Day

For more from the same column, click here