Once again Congressional debt ceiling debates have markets, the media, and the public concerned about the ability of the U.S. to pay its bills on time. Economists at Brookings have explored various aspects of this debate—the origins, the impact, and the consequences. Explore recent explainers, analysis, and testimony below. What is the federal debt ceiling? The origins of the debt limit date back to World War I, when Congress ended the practice of approving every Treasury bond issue individually and allowed the sale of Liberty Bonds up to a specified amount to help finance the war. As The Hutchins Center on Fiscal ... (full story)