The debt limit. Some might have heard a thing or two about it and wondered what the big deal. Well, let's talk about it!

The debt limit is the nation's self-imposed credit limit, currently set at $14.3 trillion. It is not a spending limit – the money has already been spent on equipment, salaries, and your college scholarship. Rather, like your credit limit, the debt limit is the point at which the nation cannot spend anymore; however, it still needs to pay back the debt.