https://democrats-budget.house.gov/publications/fact-sheet/debt-ceiling-explainer
The debt ceiling does not constrain federal spending or the amount we need to borrow; it simply restricts the Treasury Department’s ability to honor financial commitments previously made by Congress and the President. Failure to set the debt ceiling at the level necessary to meet borrowing needs could jeopardize the full faith and credit of the United States by preventing the Treasury from paying the government’s bills. This could take the form of failing to pay interest on, or redeem, Treasury Bonds when due, or failing to make scheduled payments for vital programs such as Medicare, Medicaid, Social Security, or veterans benefits.
The debt ceiling does not constrain federal spending or the amount we need to borrow; it simply restricts the Treasury Department’s ability to honor financial commitments previously made by Congress and the President. Failure to set the debt ceiling at the level necessary to meet borrowing needs could jeopardize the full faith and credit of the United States by preventing the Treasury from paying the government’s bills. This could take the form of failing to pay interest on, or redeem, Treasury Bonds when due, or failing to make scheduled payments for vital programs such as Medicare, Medicaid, Social Security, or veterans benefits.