Did you know U.S. Congress has voted to raise the nation's debt ceiling 78 times since 1960? And 38 cents of every dollar the U.S. spends is borrowed?

U.S. government spending has sky-rocketed along with the national debt since the early 1980’s. At the current rate, the U.S. is on pace to reach debt levels not seen since WWII and the Great Depression – fast-approaching what economists call a debt crisis.

CNN's Christine Romans breaks down the numbers, and looks at why it's so important for lawmakers to come to a debt ceiling deal soon.

By Michael Milhaven, Producer, CNN American Morning

If your eyes glaze over when you hear the words "debt ceiling," you're not alone. It's a concept that typically only economists and heads of state need worry about. But if you want to understand the current political debate and why both parties are fighting so hard to limit or raise the debt ceiling, read on.

Let's break this down for everyone in easier terms - what is the debt ceiling is and what it means for you?

Think of it as America's credit limit. The country only has so much it can spend to pay its bills and interest payments. If you have a credit card, you know there's only so much that you're allowed to put on that card.

The debt ceiling is that credit card limit for the U.S. government.

Right now, our "credit card limit" is at $14,293,975,000,000 (yes, that reads $14 TRILLION).

That's a lot of dough. Stacked on top of each other, $14 trillion dollars would go from Earth to the Moon and back...more than four times. Or, at $500 a pop, you could by 28 billion iPad 2's. Also, consider the estimated cost of rebuilding Joplin, Missouri after the devastating tornado damage. That price tag is around $3 billion. If we had $14 trillion towards rebuilding, we could rebuild the town 4,700 times.

To find out more about the debt ceiling, watch Christine Romans explain it in the video below. For more information and complete coverage of the debt ceiling debate, check out CNNMoney.com.