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.

Egan Jones Cuts US Rating, Cites High Debt Load

It's not the debt ceiling, but the Obama administration's unsustainable debt load that has already caused a down-grading of the US credit rating.

From Reuters

Credit rating agency Egan-Jones has cut the United States' top credit ranking, citing concerns over the country's high debt load and the difficulty the government faces in significantly reducing spending.

150 Economists Back US Republicans in Debt Fight

By Reuters

More than 150 economists back U.S. House of Representatives Speaker John Boehner's call to match any increase in the debt limit with spending cuts of equal size, according to a letter released by the Republican leader's office Wednesday.