So right now Congress (specifically House I guess) is trying to get Obama to pass a bill that'll cut spending by trillions in order to reduce the deficit
Senate GOP showing flexibility in debt fight - Yahoo! News
According to that article Obama's "Gang of Six" from the Senate (remember, House=Rep & Senate=Dem) want to raise more revenue via taxes rather than stop borrowing (in fact, I think it mentions somewhere in the article that Obama wants to raise the debt ceiling a couple trillion more)
Dems want to increase taxes instead of cut spending
Also, keep up with current events -- scan Yahoo/CNN for anything regarding the deficit bill or prevention of government default (which will happen on Aug 2 btw if Congress & Obama can't come to a compromise). It's a pretty big issue right now.