Title: The Debt Limit Suspension: Difference between Increase and Suspension It's official: the debt limit has been suspended. But wait, isn't that the same as increasing it? Not quite. The debt limit is a cap on the amount of money the government can borrow to pay for its expenses. When the debt limit is reached, the government cannot borrow any more money unless Congress approves an increase in the limit. This is where the difference between increasing and suspending comes in. When the debt limit is increased, it means that the government can borrow more money up to the new limit. On the other hand, when the debt limit is suspended, it means that the government can borrow as much money as it needs for a certain period of time without the need for Congress to approve an increase. The current debt limit suspension is set to expire on July 31, 2023. This means that until then, the government can borrow as much money as it needs without needing approval from Congress to increase the limit. However, it's important to note that the debt limit suspension is not a permanent solution to the problem of government borrowing. It's simply a temporary measure that provides a buffer for the government to continue functioning. In conclusion, the debt limit suspension is not the same as an increase in the debt limit. It simply allows the government to continue borrowing money for a period of time without needing Congress to approve an increase. As the debt limit suspension approaches its expiration date, it's crucial for Congress to address the issue and come up with a more permanent solution to the problem of government borrowing.
