Trump suggested eliminating the debt ceiling. What is it?

Contributing sentiments towards policy:

53% : "After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time," the letter read in part, warning that an exact date is hard to estimate with "variable" conditions.
50% : Most of the time, the government doesn't have enough revenue on hand to pay for everything in those spending bills -- such as infrastructure, social security, Medicare and defense.
50% : No."Without tax increases to citizens or corporations, cuts or curtails to government spending or a combination of both, the national debt will continue to rise to a new limit set by Congress.
42% : Theoretically, the debt limit is a tool to keep government spending from expanding unchecked.
36% : Would you cut Medicare?
21% : In a phone call with NBC News on Thursday, against that backdrop, Trump suggested that the debt ceiling is a meaningless concept -- and that no one knows for sure what would happen if it were to someday be breached -- "a catastrophe, or meaningless" -- and no one should want to find out.

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