The US debt ceiling is a limit on the amount of money the US government can borrow to pay its bills. The debt ceiling has been raised many times in the past because the US government has been spending more money than it takes in through taxes and other revenue sources. Raising the debt ceiling allows the government to continue borrowing money to pay its bills and avoid defaulting on its debt obligations¹.
Advantages of having a debt ceiling include that it can be easily raised, encouraging fiscal irresponsibility. It also lowers the US credit rating and increases its cost of debt. There is controversy over whether the debt ceiling is constitutional¹.
I hope this helps! Let me know if you have any other questions.
Source: Conversation with Bing, 5/25/2023
(1) U.S. Debt Ceiling: Definition, History, Pros, Cons, Clashes - Investopedia. https://www.investopedia.com/terms/d/debt-ceiling.asp.
(2) Kojo Quartey: Debt ceiling history, pros and cons. https://www.yahoo.com/news/kojo-quartey-debt-ceiling-history-073024323.html.
(3) Can Biden use the 14th Amendment to thwart a debt ceiling default without tanking the economy?. https://www.aol.com/news/biden-14th-amendment-thwart-debt-153139305.html.
(4) Here’s how the 14th Amendment factors into the debt ceiling debate. https://www.msn.com/en-us/news/politics/here-s-how-the-14th-amendment-factors-into-the-debt-ceiling-debate/ar-AA1b6AXy.
(5) Debt Ceiling - Definition, History, Graph, US Debt Ceiling Crisis. https://www.wallstreetmojo.com/debt-ceiling/.