The debt ceiling is the highest limit on the debt owed by the federal government.
The debt limit is the amount of money the government can spend without triggering a default on its debt.
The ceiling sets the limit on how much money Congress can borrow without raising the nation’s borrowing limit.
The U.S. government is not allowed to spend more money than it owes.
The U.N. has declared March 30 the deadline to raise the debt limit.
Congress has until June 30 to raise it, or it could default on payments.
The deadline for the debt to be raised is the same as the debt deadline.
If Congress fails to raise its debt limit, the U.K. could declare bankruptcy, according to a U.C.L.A. report.
The British government has a similar deadline.
The Treasury Department says the debt is “not a legal obligation of the United States.”
and British governments also agreed to a two-week moratorium on U.E. debt payments, the Treasury Department said in a news release.
The two governments also announced a debt relief plan for Puerto Rico, which faces a $73 billion debt burden.
It’s expected to include a debt payment and restructuring program, according the release.
Puerto Rico’s debt is the largest of any U.T.S.-based country, the agency said.