Definition and example of “debt ceiling 14th Amendment”
The debt ceiling is a legal limit on the amount of debt that a government can borrow. In the United States, the debt ceiling is set by Congress and must be raised periodically to avoid default. The 14th Amendment to the U.S. Constitution states that “The validity of the public debt of the United States… shall not be questioned.” This Amendment has been interpreted to mean that the government cannot default on its debts.