What is the debt ceiling, and is Trump right that a default 'could mean nothing'?

Contributing sentiments towards policy:

67% : Every year, Congress passes a budget that includes government spending on infrastructure, salaries for federal workers and programs such as Social Security.
50% : MORE: From Social Security to travel: Everything to know about a government shutdownWhat is the debt ceiling?
44% : Millions of seniors could stop receiving Social Security payments or see delays.
29% : In other words, it doesn't have a real meaning other than you've violated something," Trump told Karl.
27% : But in a Thursday interview with ABC News' Jonathan Karl, Trump suggested the impact of the U.S. government defaulting on its bills could "possibly mean nothing.""Nobody really knows.
5% : MORE: Trump threatens government shutdown unless debt limit demand met, blames Biden if it happens"It would be disastrous for the American economy, for global financial markets and for millions of families and workers whose financial security would be jeopardized by delayed payments," Treasury Secretary Janet Yellen warned lawmakers during a 2021 standoff over the debt ceiling.

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