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🌟"Decoding the US Debt Ceiling in Simple Terms"🌟
The US government is currently in a tough spot because it has reached its debt ceiling, which is around $31.4 trillion💸💼
Let's try to grasp what the debt ceiling means and why people are talking about it🧵👇
#UsDebtCeiling
The US government is currently in a tough spot because it has reached its debt ceiling, which is around $31.4 trillion💸💼
Let's try to grasp what the debt ceiling means and why people are talking about it🧵👇
#UsDebtCeiling
1) What exactly is the debt ceiling?💰❓
Think of it as a limit or a cap on how much money the government can borrow.
Just like your parents might set a limit on how much money you can borrow from them, the government also has a limit on how much money it can borrow.
Think of it as a limit or a cap on how much money the government can borrow.
Just like your parents might set a limit on how much money you can borrow from them, the government also has a limit on how much money it can borrow.
When the government spends more money than it collects in taxes, it needs to borrow money to make up for the difference.
However, there is a maximum amount of money that the government is allowed to borrow, and that's the debt ceiling.
However, there is a maximum amount of money that the government is allowed to borrow, and that's the debt ceiling.
🌟"The US Debt Crisis Explained in Layman"🌟
Hey, Twitter fam! 👋
Let's talk about a topic that affects not just the US but the entire global economy: the US debt crisis. 🌐💼
[THREAD]🧵👇
#DebtCeiling #UsDebtCeiling #DebtLimit
Hey, Twitter fam! 👋
Let's talk about a topic that affects not just the US but the entire global economy: the US debt crisis. 🌐💼
[THREAD]🧵👇
#DebtCeiling #UsDebtCeiling #DebtLimit
1) First things first: What is the meaning of Debt?
Debt means a loan.
We've all been there, borrowing money from a friend and promising to pay it back with a little extra, right?
Well, it's no different for governments. In this case, we're talking about the national debt.
Debt means a loan.
We've all been there, borrowing money from a friend and promising to pay it back with a little extra, right?
Well, it's no different for governments. In this case, we're talking about the national debt.
2) But why does the government need to raise debt?
Our government spends money on various important things like infra projects, social welfare, and developing roads, among others.
And while it mainly gets its revenue from taxes, sometimes the spending exceeds the income.
Our government spends money on various important things like infra projects, social welfare, and developing roads, among others.
And while it mainly gets its revenue from taxes, sometimes the spending exceeds the income.
