The Debt Ceiling

What is the current U.S. national debt?

• $9 trillion

• $22 trillion

• $31 trillion

• $43 trillion

The _________________ manages rederal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt.

• U.S. Department of Treasury

• U.S. Department of State

• U.S. Department of Commerce

• U.S. Department of Defense

Who is the current Treasury Secretary - head of the U.S. Department of Treasury?

• Jerome Powell

• Austin Lloyd

• Janet Yellen

• Anthony Blinken

The _________ is a limit imposed by Congress on the amount of money that the federal government can borrow

The U.S. debt ceiling has NEVER been raised before.

• True

• False

Answer explanation

It has been raised 102 times!

When is the deadline for raising the U.S. debt ceiling?

• June 1

• June 2

• June 3

• June 4

• June 5

What could happen if Congress fails to raise the debt ceiling?

• nothing

• global financial and economic downturn

• government shut down

• federal employees won't get paid

The debt ceiling was originally created to give the executive branch the ability to borrow money to run the nation in case of an emergency.

• True

• False

The annual budget deficit for the United States is roughly $__ trillion. This means the country adds this amount to the national debt each year.

• 1

• 3

• 5

• 7