The US debt ceiling debate is ongoing, with a government shutdown looming. The debt ceiling is the limit on the amount of money the government can borrow to pay its bills, including paying for federal employees, Social Security, and the US military. The current debt ceiling is $31.4 trillion, and it has been reached 103 times since 1939. If the debt ceiling is not raised or suspended, the government will not be able to borrow more money, potentially leading to a default and catastrophic consequences for the US economy, including drastic cuts to salaries and social security checks.