February 07, 2023
Position Paper: Increasing the Debt Ceiling Fact Sheet
The debt ceiling is a legal restriction on how much money the federal government can borrow to pay its bills. Congress instituted the debt ceiling in 1917 as a way to rein in federal agencies that were ignoring Congress and setting their own budgets, and it has been raised 78 times since 1960.
The Alliance for Retired Americans supports increasing the debt ceiling with no strings attached to it. Moreover, the Alliance is strongly opposed to the harmful cuts to Social Security, Medicare and the federal budget as a whole proposed by the Republican Party.
