The endless cyclical stupidity of the debt ceiling

Crisis or playacting? It's hard to tell at this point.

The Capitol building.
(Image credit: Illustrated | TylerFairbank/iStock, TIMOTHY A. CLARY/AFP/Getty Images, -slav-/iStock)

Yet again, the United States government is fast approaching the debt ceiling — a potentially catastrophic budget deadline that's also high in the running for "single stupidest semi-annual ritual in all of U.S. politics."

As a refresher: The debt ceiling is a statutory limit in American law, capping the total dollar amount of debt the federal government can take on. The problem is that the federal government also chronically runs a deficit, spending more than it brings in, so every year it adds more to the total amount it has borrowed. As a result, the country bumps up against the debt ceiling every so often.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.