The U.S. Government is spending money at an unprecedented rate. According to Louis Crandall, chief economist at Wrightson ICAP, it burns money at an average of over $100 billion per month. That's far more than government revenue and so the Treasury is forced to turn to the debt market. Fiscal year 2009 saw the government rack up an astounding $1.4 trillion in additional debt, while the Treasury Department is openly predicting $1.5 to $2.0 trillion in debt for fiscal year 2010, which started in October. That means your share of debt could expand by as much as $11,000 is just two years!

Fortunately there are legal limits to the amount of debt the U.S. Government can hold, currently set at $12.1 trillion. Unfortunately that limit is easily and regularly increased by Congress at the request of the Administration. According to reporting by Bloomberg, the Obama White House is preparing to ask Congress for a $1 to $1.5 trillion increase of the debt ceiling by the end of the year.

This out-of-control spending and borrowing is the result of misguided fear in the face of the financial crisis and blatant attempts by the Administration to control large chunks of the economy. The proposed healthcare and cap-and-trade bills will increase that control and speed up the rate of spending and size of our already massive debt. These bills not only restrict our immediate liberty to act in a free economy for our prosperity, they also place a larger and larger claim on our future earnings and the earnings of our children. We can't afford to let Congress and the Administration spend away our future. We need to tell Congress to not increase the debt ceiling.

Carl Oberg is a Policy Associate at Americans for Prosperity.