The Rabbit Hole on Nostr: Since January of this year, the US government has run into record debt: $31.4 ...

Since January of this year, the US government has run into record debt: $31.4 trillion.

This means that the Treasury cannot issue debt to finance itself, or even pay off other debts.

The US operates under a system called the "Debt Ceiling". Under this system, Congress dictates the maximum amount the debt can reach.

Since 1962 Congress has increased this limit 78 times.