What's the deal with the debt ceiling?

In this episode of Stuff You Should Know, Josh and Chuck dive into the surprisingly complex world of the debt ceiling, breaking down what it actually is and why it became such a political hot potato in recent years. They explain how the federal government operates like a massive company with daily income and expenses, explore the difference between annual budget deficits and the national debt, and trace the history of how America went from requiring Congressional approval for every loan to our current system of borrowing. The hosts also examine what would happen if the U.S. actually defaulted on its debt obligations, revealing why this seemingly abstract financial concept could potentially crash the global economy.