The sun rises on the U.S. Capitol.

It's no mystery that the United States has a disastrous national debt, on which we must pay hundreds of billions of dollars in taxes just to cover the annual interest.

Yet our country, unwisely, is facing the prospect of adding $1.5 trillion more red ink to our debt just this fiscal year!

So as we are getting close to the legal $14.3 trillion U.S. debt "limit," President Barack Obama recently held a meeting with some Senate Republicans to urge a "compromise" - to raise the debt limit.

Congressional Republicans have said they will not raise the debt limit - unless Obama agrees to big spending cuts and no tax increase. Congressional Democrats are insisting on tax hikes.

Unless something is done, the $14.3 trillion debt limit will be reached by Aug. 2, according to figures compiled by the Treasury Department.

So, will the "debt limit" actually limit debt this time - or not?

Why have a debt limit if we don't mean it?

What can that possibly accomplish, except to provide a way for politicians to say they're "doing something."

Isn't it high time - really past time - for both Democrats and Republicans finally to be reasonable and responsible, quit raising the debt, not raise taxes, reduce spending and stimulate our economy?

This is a serious matter that needs a serious decision.

If we don't limit debt now, when economic calamity is knocking on our door, when will we?