Debt limit
A debt limit or debt ceiling is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. Several countries have debt limitation restrictions.
Description[]
A debt limit is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. Usually this is measured as percentage of GDP.
Use[]
Several countries have debt limitation laws in place, including the United States debt ceiling.[1][2] Poland is the only nation with a constitutional limit on public debt, set at 60% of GDP; by law, a budget cannot pass with a breach in place.[3]
References[]
- ^ "Debt Limit". United States Department of the Treasury. Retrieved 2019-06-24.
- ^ "7 Countries with Debt Ceilings or Limits". 2013-10-08.
- ^ "The Constitution of the Republic of Poland".
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