The debt ceiling, in simple terms, is the maximum amount of
money the United States can borrow in order to pay its existing obligations.
The debt ceiling (or limit) when raised does not allow for new expenditures,
but instead allows the government to pay for programs it has already committed
to paying for. Historically, raising the debt limit was done quickly and without
contention, as the debt limit was seen as a financial necessity and not as
political capital.