Here are 5 things you should know about the debt ceiling:

1. What is the debt ceiling?
It's the maximum amount the federal government can borrow. Right now, the U.S. debt ceiling – or debt limit – is $31 trillion.

2. Why is everyone talking about it?
Last month, the U.S. hit the debt ceiling. Instead of raising it to avoid default, Republicans are using this threat to secure spending cuts from the White House.

3. Who can raise the debt ceiling?
Only Congress. Since 1960 Congress has raised, extended, or revised the definition of the debt limit 49 times under Republican presidents and 29 times under Democratic presidents. *treasury.gov

4. What happens if the U.S. defaults?
The Treasury has taken extraordinary steps to avoid default, so the U.S. can keep paying bills until June. If the U.S. defaults on its debt the effects would be felt globally. Americans could face a recession, higher unemployment rates, higher costs, and unpredictable stock and bond markets.

5. The U.S. has NEVER defaulted on its debt.
It’s one of the main reasons the dollar is the world’s strongest currency, and bonds issued by the U.S government are the global standard of investment security.

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