Raising the debt limit on some levels is a ministerial act. It doesn't involve any new spending.

Historically, the responsibility for voting on the debt limit has gone to the party in the majority.

In the budget, the president will call for a five-year freeze on discretionary spending other than for national security. This will reduce the deficit by more than $400 billion over the next decade and bring this category of spending to the lowest share of our economy since Dwight Eisenhower was president.

There's no debt limit in the Constitution.

Given the demographics of the targeted Pier 1 consumer, we believe higher gas prices could limit spending levels and further impact comparable sales.

We cannot win the future, expand the economy and spur job creation if we are saddled with increasingly growing deficits. That is why the president's budget is a comprehensive and responsible plan that will put us on a path toward fiscal sustainability in the next few years - a down payment toward tackling our challenges in the long term.