US Economy already $14 trillion in Debt: Both Congress and the President begin the battle over the debt ceiling - by Kenneth Schortgen Jr

As the new 112th Congress begins its session under Republican control in the House, one of the first things they will need to address is the debt ceiling that is closing fast on the current legal limit.

The Democratic Congress of the last two years passed several measures to raise the debt ceiling to $14.2 Trillion dollars, but according to the US Debt Clock, is going going to pass $14 Trillion within weeks. Without the ceiling being raised, the government may actually shut down since by law, the Treasury would not be able to borrow money to pay for programs or expenditures.

This debate is so important early in 2011, that both the President and the incoming Congressional leaders have spoken out on the issue over the Christmas holiday.

For more: Both Congress and the President begin the battle over the debt ceiling - National Finance Examiner | Examiner.com