Obama Wants to Raise Debt Limit Again

Monday, 26 Dec 2011 12:08 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Obama administration will ask Congress to increase federal borrowing authority by $1.2 trillion as the nation approaches the debt limit set by law, according to a Treasury Department official.

The White House will send the request to Congress on Dec. 30, the day the debt is projected to rise to within $100 billion of the $15.194 trillion limit, the Treasury official told reporters today on condition of anonymity.

Congress will be notified under the terms of a deal to raise the limit worked out on Aug. 2 after months of wrangling between the administration and Republican lawmakers. Three days later, Standard & Poor’s cut the nation’s AAA rating for the first time, saying the country lacked a “credible” plan to reduce budget deficits.

The Budget Control Act of 2011 gives Congress 15 days to pass a joint resolution disapproving the increase in the debt limit. The president can veto such a measure.

The limit has already been raised twice since the act was approved, by a total of $900 billion. It would rise to $16.394 trillion after the latest increase. The Treasury official said the limit won’t be reached again until late next year.

 

To contact the reporters on this story: Cheyenne Hopkins at Chopkins19@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sotloff Family Friend: Administration 'Bullied' Steven's Parents

Wednesday, 17 Sep 2014 14:08 PM

The Obama administration "bullied and hectored" the parents of journalist Steven Sotloff, who was killed by Islamic mili . . .

Rand Paul Compares ISIS Threat on US Iraqi Mission to Benghazi

Wednesday, 17 Sep 2014 14:00 PM

Kentucky Sen. Rand Paul has compared the threat of the Islamic State against the U.S. consulate in Erbil to the tragedy  . . .

Edward Snowden: NSA Shared Americans Private Communications with Israel

Wednesday, 17 Sep 2014 13:46 PM

Former US intelligence analyst Edward Snowden has accused the US National Security Agency of routinely passing private,  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved