Obama Requests Another $1.2 Trillion Increase in Borrowing Limit

Didn’t we just go through this?

President Barack Obama has requested yet another $1.2 trillion increase in the debt limit, representing the second such increase in less than a month.

Obama also requested, and was granted, a $1.2 trillion increase on December 28.

This will be the last request the president will be able to make under a deal the White House reached with lawmakers back in August to prevent a government default on its debts.

Congress now has 15 days to decide on the president’s request. Majority House Republicans, who are likely eager to slam Obama’s spending habits, immediately announced they would hold a vote next week on a resolution of disapproval.

“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, a spokesperson for House Speaker John Boehner (R-Ohio).

This latest increase would raise the debt ceiling to $16.4 trillion.  Ideally, that should be sufficient to allow the federal government to keep borrowing until the end of this year (just after the presidential election).

Congress had previously agreed to increase the debt limit by $400 billion in August and by another $500 billion in September.

Related articles

• Obama requests $1.2T hike in borrowing limit (sfgate.com)
• Obama formally seeks debt ceiling increase (whitehouse.blogs.cnn.com)
• U.S. Debt Nears $15.194 Trillion Ceiling (blogs.wsj.com)