Obama Requests $1.2T Hike In Borrowing Limit

By: AP
By: AP

WASHINGTON (AP) -- President Barack Obama is asking Congress for another $1.2 trillion increase in the nation's debt limit.

The request is largely a formality. It's the third and final request the president is allowed under a deal the White House and lawmakers reached in August to prevent a government default.

But Republicans are likely to use the election-year request as an opportunity to criticize the president's spending policies.

Congress has 15 days to reject the president's request. The White House says Obama would veto any objections in order to avoid a default.

Obama originally planned to make this request in late December. But with Congress on vacation until mid-January, lawmakers asked Obama to delay his request so they could vote on the matter when they return.

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  • by Common Sense Location: C/S on Jan 16, 2012 at 05:43 AM
    and it will go through....followed by another round of "Quantitative easing"...or should I say making printing more money....followed by the collapse of the US dollar. Prepare for the end my friends.
  • by clue on Jan 12, 2012 at 07:27 PM
    If you dont have money then dont spend it. daaa! please tell me what dem or republican wants to cut spending.??????
  • by Jeff Location: Colorado Springs on Jan 12, 2012 at 07:00 PM
    Time to elect some Republicans & get rid of some democrats -- especially Obama
  • by Nath Location: Colo Spgs on Jan 12, 2012 at 03:32 PM
    If approved, that would be more than $2.5 trillion in new debt in less than a year. It's going to have to stop somewhere and the sooner the better.
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