Which metric directly defines capacity for borrowing in relation to the debt limit?

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Capacity for borrowing is the remaining headroom under the debt limit—the amount you can still borrow without exceeding the limit. This headroom is exactly the debt limit minus the existing debt that counts toward that limit. For example, if the debt limit is 100 and the current debt within the limit is 60, you have 40 of borrowing capacity left. That remaining figure directly shows how much more you can borrow.

The other ideas don’t express this numeric headroom. Net amount to be raised by taxation relates to future revenue needs rather than how much debt you can take on. Gross debt less debt outside the limit muddles what counts toward the limit and doesn’t reveal remaining capacity. And approval for borrowing under certain conditions concerns whether borrowing is allowed at all, not the exact remaining borrowing amount.