The US has hit its debt ceiling. As of December 31 2012, the US Treasury says I can confirm we will reach the statutory debt limit today, Dec. 31 It has gone up from an unimaginable $14.3 trillion in August last year to $16.394tn as part of a package agreed then. After the fiscal cliff deal, the level of the debt ceiling is the next big debate to be had. But what is the debt ceiling? Under US law, all government borrowing has to be approved by ...
http://www.businessinsider.com/everything-to-know-about-debt-ceiling-2
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