By the end of February, the national debt is expected to strike the current limit of $12.4 trillion. As a result, the Department of Treasury is working with Congress in an effort to raise the ceiling for national debt.
In late December, congress approved an increase of $290 billion, which had allowed the government to borrow funds until February.
And, while the Senate has approved legislation to increase it the limit $1.9 trillion to $14.3 trillion, a ceiling that high would be equivalent to about $45,000 for every American.
This news comes amid reports from the Obama Administration that this year's deficit will reach $1.56 trillion, or 10.6 percent of the economy -- the highest percentage since World War II.