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By the end of February, the current $12.4 trillion debt limit is expected to be reached. However, instead of being fiscally responsible, the House is expected to vote on legislation today that would increase the debt limit to $14.3 trillion.
On House Republican Whip Eric Cantor (R-VA) website it states:
Today, the House will be considering the debt limit increase. As one considers the recent rhetoric of fiscal responsibility from the majority party, perhaps this single image best stands in contrast and serves as a reminder of the Democratic record of fiscal recklessness.
Update: The House of Representatives has approved the measure to raise the debt limit by $1.9. Every Republican voted against the debt ceiling increase along with 30 Democrats. So much for a bipartisan effort.