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Skip to comments.Obama to ask for debt limit hike: Treasury official
Posted on 12/27/2011 8:43:22 AM PST by kcvl
WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official.
The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.
Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.
(Excerpt) Read more at news.yahoo.com ...
minute late and a trillion short...
Fools all. Fits right in with the plan though.
Why cant the American public see this idiot is spending us into oblivion and using the money to buy the upcoming election. America needs to come to its senses even if we have to have a bloody Revolution. I hate to say that but I do not want my children living in a Third World Country!
Isn’t this the 2nd part of the request that was made last Summer?
didn’t he just add 3 trillion in August? Geez, its like a trillion a month. Hawaii must have been expensive.
You MUST be kidding!!!!
(So far...not ONE PENNY cut from government spending)
Hell yes he needs an increase with his wife spending $4 Million on vacation.