Due to the explosion in deficit spending, the federal debt ceiling needs to be raised to legally allow the US government to continue to borrow to fund itself. The current debt limit is at an astounding $12.1 trillion and borrowing has been pushed to this limit by a $1.4 trillion deficit in fiscal 2009. Regardless for who you blame for 2009′s spending, 2010 will be a problem for Congress and the current administration to correct. As an example of the fiscal crisis, 40 percent of this year’s budget will be funded by borrowing.

The debt ceiling hike is a game … …READ MORE