Congress will have to raise the current debt ceiling of $12.1 trillion in coming weeks to prevent the Treasury Department from defaulting on its debt.
The House voted in the spring to raise the ceiling to $13 trillion, likely not enough to last through the 2010 elections at current borrowing rates, but the Senate has yet to act.
The recession, wars in Iraq and Afghanistan and tax cuts have forced lawmakers to more than double the debt limit from $5.7 trillion when former President George W. Bush took office in 2001.
Uh oh. This could have serious ramifications.