The bill S. 5480, titled the "End the Threat of Default Act of 2024," proposes to eliminate the federal debt ceiling, which is currently a legal limit on the amount of money the United States government can borrow. The bill would repeal the relevant section of the U.S. Code...
Simple Explanation
The bill wants to stop having a limit on how much money the government can borrow, so it can always pay for what it needs without worrying about hitting a borrowing cap. It also makes sure that rules are clear for handling special funds when they can't borrow more money just yet.