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Obama to ask for debt limit hike: Treasury official

Posted By admin On December 27, 2011 @ 9:51 am In Featured Stories,Money Watch | Comments Disabled

Margaret Chadbourn
Reuters [1]
December 27, 2011

(Reuters) – The White House plans to ask Congress by the end of the week for an increase in the government’s debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.

The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.

Full story here. [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/2011/12/27/us-usa-treasury-debt-idUSTRE7BQ0KU20111227

[2] The Treasury Just Put To Rest Its Position On Whether The Debt Limit Is Constitutional: http://www.prisonplanet.com/the-treasury-just-put-to-rest-its-position-on-whether-the-debt-limit-is-constitutional.html

[3] US to reach debt limit by May 16: Treasury: http://www.prisonplanet.com/us-to-reach-debt-limit-by-may-16-treasury.html

[4] Total US Debt Hits $14.195 Trillion, $99 Billion Away From Debt Ceiling; Treasury Revises Breach Date To As Soon As April 15: http://www.prisonplanet.com/total-us-debt-hits-14-195-trillion-99-billion-away-from-debt-ceiling-treasury-revises-breach-date-to-as-soon-as-april-15.html

[5] Federal Borrowing on Pace to Hit Debt Limit in Less Than Week: http://www.prisonplanet.com/federal-borrowing-on-pace-to-hit-debt-limit-in-less-than-week.html

[6] Senate sets Christmas eve vote on U.S. debt limit: http://www.prisonplanet.com/senate-sets-christmas-eve-vote-on-u-s-debt-limit.html

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