debt limit

noun
(in public finance) the legal maximum debt permitted a municipal, state, or national government.
Also called debt ceiling.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
The fund's economists argue that a universal debt limit does not make sense.
The ads call him a big pork-barrel spender who raised the debt limit and wanted to let felons vote.
As widely reported in the news, our government has reached its debt limit.
Debt limit policies vary widely from state to state.
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