It will have to be raised. It's funny how Republicans raised the ceiling without a problem when there were Republican presidents. If we are serious about cutting spending, we should be looking at where over 50% of our federal income taxes go- the defense budget. It's inexcusable that legislators so adamently defend the right of large corporations (record profit-making oil companies need subsidies??) and the very rich ( tens of thousands of families making over half a million a year pay 0$ in taxes?? ) to keep more of their money, all the while mechanically reciting the non-fact that rich people spending money is the only way jobs are created.