Obama To Ask Congress To Push Debt Limit To $16,394,000,000,000.00
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. source – Yahoo News
|Print article||This entry was posted by NTEB News Desk on December 27, 2011 at 11:22 am, and is filed under Obama, Washington. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site.|
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