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What to know about the debt ceiling debate as a government shutdown looms in Washington [Video]

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Financial Literacy

A debate over the debt ceiling is at the center of a dispute over funding that is pushing Washington to the brink of a federal government shutdown.

President-elect Donald Trump has demanded that a provision raising or suspending the nation’s debt limit — something that his own party routinely resists — be included in legislation to avert a government shutdown. “Anything else is a betrayal of our country,” Trump said in a statement Wednesday.

Republicans quickly complied, including a provision in a revamped government funding proposal that would suspend the debt ceiling for two years, until Jan. 30, 2027. A vote in the House on the bill is expected Thursday evening.

Here’s what to know about the debate over the debt ceiling and the role it’s playing in the shutdown saga:

What is the debt ceiling?

The debt ceiling, or debt limit, is the total amount of money that the United States government can borrow …

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