Obama asks Congress for Debt Ceiling Increase

President Barack Obama on Thursday formally notified Congress of his intent to raise the nation's debt ceiling by $1.2 trillion, giving Congress 15 days to disapprove his request before the nation's debt ceiling is automatically increased to $16.4 trillion from $15.2 trillion.

"Further borrowing is required to meet existing commitments," Obama wrote in a letter to House Speaker John Boehner, R-Ohio.

Obama wanted to request the debt ceiling increase last month after the Treasury came within $100 billion of its borrowing limit, but lawmakers asked the president to hold off on the request since Congress is on recess. The House is in recess until Jan. 17 and the Senate is in recess until Jan. 23.

In the meantime, the Treasury has maintained the country's solvency by utilizing special revenue and accounting measures.

Majority House Republicans announced they would vote on a resolution of disapproval next week.

"Washington's mounting debt is a drag on our economic recovery, and this request is another reminder that the president has consistently punted on the tough choices needed to rein in the deficit and protect important programs for American seniors from going bankrupt," said Brendan Buck, Boehner's spokesman.

Congress previously agreed in August to raise the debt limit by $2.1 trillion in three increments in a deal struck hours before potential default on the country's debt.

Posted in General News

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