In mid-January, the US reached the USD31.4tr Federal debt ceiling decided in December 2021. The debt limit principle was established in 1917 (when the US entered the First World War) to make it easier to finance the deficit. Prior to this, all debt issues had to be approved by Congress. As a result, the Treasury is authorised by Congress to issue debt to fund government activity up to the ceiling, which currently stands at over 120% of GDP ...