Rep. Hoyer claims that raising the U.S. debt limit would have to be in the $1.8 to $1.9 trillion range. Such an increase would permit the federal government to borrow sufficient funds in order to keep Washington, DC running through December 2010.

Democrat lawmakers are attempting to pass a stealth increase in the $12.1 trillion cap on borrowing before the end of the year and are trying to sneak through an increase large enough so that they won’t have to vote again on the issue before next year’s midterm elections. Their bill — opposed by conservatives fortunate to find out about it – would permit a total federal debt of about $14 trillion at a time when President Obama is promising to reduce the debt and deficit during his administration.

In fact, the President – and Democrats in general — claims that the gargantuan health care package will decrease the deficit, although conservatives have yet to see evidence of such a reduction.

“This Democrat Party-run federal government is out of control and while talking like fiscal conservatives they are heading this country into bankruptsy,” claims political strategist Mike Baker.

To placate the party’s moderate-wing, the so-called ”Blue Dog” Democrats, for the unpopular debt limit, Hoyer promised to attach to the debt limit increase a “pay-as-you-go” law that will make certain new tax cuts or new government spending won’t increase the deficit.

The Democrats’ debt limit measure may be part of a $626 billion measure funding the Pentagon budget. Conservatives believe the reason for that is to quell complaints since most conservatives support defense and national security spending over entitlement programs that cost much more than maintaining a strong military.

“Spend and spend again policies do not work and result in only larger deficits for future generations to pay.  At a time when the federal deficit has reached more than $1.4 trillion in Fiscal Year 2009 (the highest amount ever by three times) and after two months is on pace to reach even higher in 2010, it is disheartening to see the lack of immediacy of addressing the problem,” states Rep. Pete Hoekstra (R-MI).

Meanwhile, the House passed a far-reaching revision of banking and financial regulations that would give government more control over Wall Street and revamp the agencies overseeing the nation’s banking system. The vote was 223-202, with Democrats for the measure and Republicans opposed to it.

This legislation has been a priority of President Barack Obama’s and gives him and his minions additional power to break up big, risky companies at his discretion and help create a consumer agency to police money lenders.