Dems Want to Raise Debt Ceiling

One of the perks of being in Congress? If you can’t follow the law, you can change it. Nancy Pelosi said Thursday that she would package a measure to raise the national-debt ceiling in a must-pass defense-spending bill that will hit the House floor next week. The ceiling is currently $12.1 trillion, but it’s set to hit nearly $14 trillion this year. Treasury officials told Congress they must raise the limit before New Year's Eve or risk not being able to make Social Security and veterans' payments in early January. The House leadership calculates it's better to raise the ceiling now than right before elections in 2010, when they fear a backlash.