debt limit

The debt limit (or debt ceiling as it is sometimes called) is a self-imposed cap on the amount of borrowing the United States government can make from other entities (the people, foreign governments, etc).  Since the limit is self-imposed, it can also be arbitrarily raised or lowered on the vote of Congress.

==Reagan Speech Relevance ==
In '[[A Time For Choosing]]', Reagan explains that 
<BLOCKQUOTE>''We have raised our debt limit three times in the last twelve months.''</BLOCKQUOTE>
These increases are as follows:

Aug. 31 1963: raise to $309,000,000,000

Nov. 26, 1963: raise to $315,000,000,000

June 29, 1964: raise to $324,000,000,000

==Source Links ==
[http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/hist07z3.xls|Statutory Limits on Federal Debt: 1940–Current] ''(whitehouse.gov)''

The Reagan Speech Preservation Society

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debt limit