So, what is the debt ceiling, and why is it so important?Įvery year, the U.S. The country’s credit rating slipped to double-A plus for the first time in history. This brought the government close to default. debt was a low-risk investment.īut in 2011, Congress delayed raising the debt ceiling. These are called sovereign credit ratings and they indicate the likelihood of governments paying back their debt.įor years, the United States received the highest possible credit score, a triple-A sovereign credit rating from all three rating agencies. Just like individuals who apply for loans, countries receive credit ratings. Please enter a valid search, no special characters allowed.
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