What is the debt ceiling? Everything you need to know about the crisis in D.C.

The U.S. government is set to hit its borrowing limit on Thursday. Here's why that matters.

Jack Lew
(Image credit: (T.J. Kirkpatrick/Getty Images))

What is the debt ceiling, exactly?

The maximum amount of money that Congress allows the federal government to borrow.

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.