The Treasury Department is is fast approaching the "debt ceiling" last approved by the Congress at $12.1T earlier this year.
Treasury Direct has a running total of the public debt at the website here. As of this latest accounting, it seems that they are within $100B or so of the last ceiling authorized which has been reported at $12.1T. This is very close as for many individual months in FY 2009, Treasury added more than $100B to the deficit.
Look for Federal discretionary spending to ramp down over the next several weeks or months if the Obama administration determines that a request and authorization to increase the debt ceiling is less politically desirable than the economic benefit additional deficit spending would provide.
The Congress will have to complete the vote to increase this limit soon as OMB is projecting a $1.5T deficit for FY 2010. Expect a lot of political fireworks and demagoguery around this issue while the country continues to suffer.