For more business and finance explainers, check out our Yahoo U page.
For the federal government, “raise the roof” is anything but fun — it means things could spiral into disaster.
It all concerns a legislative feature that has existed in American politics for over 100 years: the debt ceiling.
As a mechanism to enforce prudence over government spending, Congress establishes a statutory limit on the amount of money that the federal government owes.
When the government breaches that limit,…
Source link
