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Tuesday, December 27, 2011

Obama to Seek $1.2 Trillion Debt Limit Hike

If anyone harbors any lingering doubt that Obama is deliberately trying to wreck the US economy, this should put an end to those doubts.
From 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.

1 comment:

los angeles probate loan said...

It is just hard to accept that instead of deciding on a concrete plan to increase the income, they are resorting to extending the debt ceiling. It is just like asking for your credit card company to increase your credit limit because you cannot pay off your debt.