debt limit

American  

noun

1. (in public finance) the legal maximum debt permitted a municipal, state, or national government.

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Example Sentences

An increase in the debt limit doesn’t authorize new federal spending - it only allows borrowing to pay for what Congress has already approved.

From Washington Times

An increase in the debt limit doesn’t authorize new federal spending — it only allows borrowing to pay for what Congress has already approved.

From Seattle Times

The future of the programs has re-emerged as a hot political debate as Democrats and Republicans engage in negotiations over raising the nation’s debt limit later this year.

From New York Times

The president said this must occur separately from the debt limit, reiterating his belief that Republicans should address the borrowing cap without conditions.

From Washington Post

Republicans say the president must agree to spending cuts as a condition for raising the debt limit, while Mr. Biden says Congress must raise the limit without conditions.

From Washington Times