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Is There a Limit on the National Debt?

National Debt Glossary: Key terms for understanding America's financial crisis

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AARP

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Published November 23, 2011

There is a ceiling, but Congress and the president periodically approve legislation to raise it, allowing the federal government to borrow more money.

SOURCE: Federal Reserve Bank of New York

See all terms in the National Debt Glossary

Frequently Asked Questions: National Debt

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