With a very small victory for the fiscal conservatives last week almost in the books, it is now time to look ahead at raising the Debt Limit.

To explain this in basic terms, let’s say you have a credit card and the maximum you are allowed to charge on the card is $1000. You are approaching $1000 in charges and now you want to raise that limit so you can charge more. So you contact the credit card company to ask to have your limit increased.

Basically, Congress has spent so much money that we are (once again) approaching the limit on our credit card. The funny thing here is that Congress gets to vote to raise the limit so they can charge more. Our credit card (or debt) limit is $14.3 Trillion. We will reach that limit in May 2011.

Some folks believe we have to raise the debt limit or it will do damage to our country. Even President Obama voted against raising the Debt Limit in 2006 when he was a senator. He now contends that was a mistake. Things sure do change when you are in the White House. Continue reading →