Posted on 12/27/2011 8:24:48 AM PST by Hoodat
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 ...
The August hike wasn't the first debt ceiling hike he demanded and got, and I believe he's lookin for another hike...
The bottom line is that the August hike was supposed to get us through until Feb 2013. Time wise, we are only 27% of the way there, but have already gone through 50% of the limit.
Actually, according to liberal logic, as long as you use a portion of the 10 grand in debt cieling increase to "pay your bills", your spending is perfectly responsible.
Prime example: FOOD.
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