Obama Set to Request Another Debt Ceiling Increase

Obama Set to Request Another Debt Ceiling Increase

Under an agreement struck in August regarding the government’s debt limit, the cap is automatically raised unless Congress chooses to vote for clocking the debt-ceiling extension.  To serve the nation’s borrowing needs into the year 2013, the deal also called for raising the debt ceiling by $2 trillion. 

As part of this spending negotiation, President Obama is expected to ask for authority to increase the nation’s borrowing limit by $1.2 trillion.  The debt limit currently hovers above $15 trillion and with the president’s request, will increase to about $16.3 trillion. 

Read the full Chicago Tribune article here.

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