Debt Limit to be Raised

Most people likely don't know it but our Congress sets a debt limit. The reason most don't know it is that Congress on both sides simply raise it each and every time our actual debt nears the limit and that's what's happening again.

The U.S. House of Representatives will combine legislation to increase the debt limit with a bill that funds the wars in Iraq and Afghanistan, House Speaker Nancy Pelosi said on Thursday.

The tactic greatly increases the legislation's chances of clearing Congress before the Treasury Department runs into the current limit of $12.1 trillion.

"We have already raised it in the House but we need to have a vehicle so that the Senate can vote on it, and it is our intention to have something on the Department of Defense bill next week," Pelosi said at a news conference.

The debt and deficit have become a much bigger focus since President Obama took the proverbial gloves off regarding spending. As such, Pelosi will combine this limit with other spending on Afghanistan to provide cover to Dems who know that this vote will be unpopular.