There is a ceiling, but Congress and the president periodically approve legislation to raise it, allowing the federal government to borrow more money.
SOURCE: Federal Reserve Bank of New York
A – B (APPROPRIATION – BUDGET SURPLUS)
C – E (CONTINUING RESOLUTION – ENTITLEMENTS)
F – N (FEDERAL DEBT – NATIONAL DEBT)
O – P (OBLIGATION – PRESIDENT'S BUDGET)
S – U (SCOREKEEPING – UNFUNDED MANDATE)
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Is there a limit on the national debt?
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