As I mentioned earlier today, the House of Representatives voted yesterday to increase the U.S. debt limit by several hundred billion dollars.

But you may ask yourself “what exactly is the debt limit, and what does that mean for average Americans?” Fortunately, our friends at the Heritage Foundation have made a great video that explains this concept. Check it out:

The government doesn’t have a revenue problem – it has a spending problem (see yesterday’s video by the Center for Freedom and Prosperity for further proof). Accordingly, raising the nation’s credit limit is certainly not the solution! As I wrote this week in a column this week, the national debt is now $12 trillion (with a T), and interest alone on the debt was $202 billion in FY 2009. The feds are trying to do too many things, and buy too many votes – but it’s driving us into bankruptcy!

It’s time to cut up the federal credit card and start trimming waste from the budget. We owe it to our children.