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United States debt ceiling - defined

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United States debt ceiling or debt limit is a legislative mechanism to limit the amount of national debt that can be issued by the Treasury. The debt ceiling is an aggregate figure which applies to the gross debt, which includes debt in the hands of the public and in Intra government accounts.

Reference: http://www.news.com.au/business/markets/us-debt-ceiling-crisis-by-numbers/story-e6frfm30-1226740938207

Reference: http://en.wikipedia.org/wiki/United_States_debt_ceiling

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