A debt limit which is set by Congress and determines the absolute amount of federal debt the United States can hold.

The US Governments borrowing limit.
US stocks are sinking under the weight of the debt ceiling so it was necessary for Congress to vote to raise it, no matter what the consequences.
by Unc Wal August 2, 2011
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A game where everyone in Congress refuses to agree on a deal to raise the debt ceiling until the last possible minute. It's like regular chicken, but instead of driving cars at each other, politicians are using the economy.
John Boehner: I don't give a shit if our country turns into Mad Max 2. I'm going to win this game of debt ceiling chicken.
Barack Obama: Challenge accepted!
by themalk August 6, 2011
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