Senate urged to raise $12T debt cap

From Politico.com

Six major trade associations urged Senate leaders to quickly to raise the $12.1 trillion cap on the national debt, a move that will undoubtedly cause political headaches for Democrats facing serious questions about the cost of health care reform.

Treasury Secretary Timothy Geithner warned Congress at the beginning of August that the current limit on how much the federal government can borrow could be hit as early as mid-October.