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.
Tuesday, December 27, 2011
Excuse me, could you just advance me a little more--say $1.2 Trillion
That is what Obama is going to ask Congress this week. The current debt limit is around $15 Trillion and Obama wants to raise it by almost 10%. In one year. When we can't pay for the debt we have. And it is crushing our economy's efforts to recover. Plus our poor kids will have to pay it off instead of enjoying the fruits of their own hard work. Someone has to stop this guy in November. I don't care who, just someone.