#USNationalDebt The United States has the largest national debt in the world and faces growing concerns about its long-term fiscal stability.

When the government spends more money than it collects, it creates a deficit.

To cover this deficit, the government borrows more money. To ensure that borrowing is subject to legislative approval, the U.S. Congress sets a limit on the amount the government can borrow to finance existing obligations, such as Social Security, healthcare, and defense. This limit is known as the debt ceiling.