Our public debt has been increasing at an alarming rate. According to the Heritage Foundation, "Spending Is Causing Damaging, Structural Budget Deficits".
http://www.heritage.org/research/reports/2012/10/federal-spending-by-the...
The Budget Control Act of 2011 (BCA) increased the debt limit by $2.1 trillion, with an equal amount in spending reductions to take place over 10 years. But it doesn't go far enough because our public debt will soon surpass size of our economy by the end of 2012.
It's time we get spending under control and require a balanced budget with NO more borrowing.