debt limit

noun

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

Example Sentences

Congress agreed last year to suspend the debt limit and allow the federal government to keep borrowing until next January.

From New York Times

The White House has proposed $850 billion in defense spending, adhering to the debt limit deal by proposing a 1% increase from the previous year.

From Seattle Times

The biggest achievement was avoiding a costly debt limit/government shutdown and I wouldn't have bet that would happen.

From Salon

Raising the nation’s debt limit, currently at $31.4 trillion, ensures that the government can borrow to pay debts already incurred.

From Seattle Times

Biden hosted a state dinner celebrating close ally Australia in October, which followed the president’s skipping a stop in that country earlier in 2023 to focus on debt limit talks in Washington.

From Seattle Times