/biz/ - Business & Finance

Is the debt "ceiling" just smoke and mirrors? Who the fuck does the US owe money to, and if that ceiling is it, will bring down consequences on the country? They also just endlessly raise the ceiling as well whenever this happens, but the media acts like there's always a danger that the LIMIT COULD BE HIT!!!!11

Can a non-retard explain how this actually works? Is there ever an actual danger of hitting this imaginary ceiling that's arbitrarily set to whatever far off number they want it to be?