What’s the deal with the debt ceiling? 5 questions answered

Outlet: The Conversation

 The Conversation: Economist Steve Pressman explains why we have a ceiling and why it’s time to get rid of it. Just like the rest of us, governments must borrow when they spend more money than they receive. They do so by issuing a bond or IOU with a promise to repay and make regular interest payments. Government debt is the total sum of all this borrowed money.