Raising the debt ceiling (again)

U.S. Treasury Confident Congress Will Increase Debt Ceiling

Excerpt:

The Obama administration is confident Congress will raise the country’s debt limit by year end to avert a showdown similar to the one that shuttered parts of the government in 1995, administration officials said.

The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record budget deficits are pushing the national debt closer to the $12.1 trillion statutory limit.

Comment: Kinda like owing Bank of America $ 14,000 and asking them to raise your credit limit to $ 15,000.