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Debt limit

The total amount of money the United States government is allowed to borrow to meet its existing legal obligations, like Social Security and Medicare benefits, military salaries, and tax refunds.

Extraordinary measures

Special accounting actions taken by the Treasury Department to temporarily manage the government's cash flow and avoid exceeding the debt limit when Congress has not raised it in time. These often involve temporarily delaying or suspending investments in certain government funds.

Default

When the government is unable to pay its financial obligations, such as interest on its debt, or payments for Social Security, military salaries, or other programs.

Public debt

The total amount of money owed by the federal government to its creditors, which includes individuals, businesses, and other governments that have bought U.S. Treasury securities.

Committee on Ways and Means

A powerful committee in the U.S. House of Representatives responsible for tax legislation, tariffs, and other revenue-generating measures, as well as entitlement programs like Social Security and Medicare.

Committee on Finance

A powerful committee in the U.S. Senate responsible for matters relating to taxation, debt of the United States, customs, revenue sharing, and other financial matters.