How can I debug my application while USB tethering is enabled? I want to debug my application on the phone and at the same time I want to enable USB tethering so that I can access Internet on my PC.

Is there any way so that I can connect my phone then enable USB Tethering and USB Debugging at the same time? Are there any applications exist?
If you have root, once USB tethering is enabled, go to your terminal on Android and run

su (or su root)
adbd start (or sudo adbd start without previous su line) 


That will start the daemon while your USB is in Ethernet mode and allow you to connect from your PC.