President Obama has officially requested an increase to the statutory debt limit.
The formal request gives both chambers 15 days to vote on whether to approve of the $1.2 trillion hike. The House plans to vote on this request on Jan. 18, a spokeswoman for House Majority Leader Eric Cantor (R-Va.) said.
In a letter to House and Senate leaders sent Thursday, the president informed the Congress that the federal government had come within $100 billion of the existing limit and that another increase is “required to meet existing commitments.” The boost will be the third and final increase to the ceiling under the debt-limit deal struck in August, and is intended to cover the government’s borrowing through the 2012 elections.
The United States reached the $15.194 trillion debt limit on Jan. 4, according to Treasury statements. Since that time, Treasury has employed the “extraordinary measure” of tapping into its Exchange Stabilization Fund to avoid exceeding the limit.
The White House originally intended to submit a formal request at the beginning of the month, but held off after members in both chambers asked for more time so that members could return from the holiday break to vote on whether to approve the increase. Under the summer’s debt limit agreement, the formal request by the White House would automatically go into effect after 15 days if there is no vote.
House Republicans are expected to oppose the increase, but the limit is still expected to be enacted. The GOP-controlled House voted to disapprove of a $500 billion increase the president requested in September, but a similar measure failed in the Senate, which is still controlled by Democrats.
Even if both chambers were to disapprove of the increase, the president retains the power to veto the effort to block it.
(Source: The Hill)
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5 Responses
I have asked my wife to raise my debt ciling to 1.1 trilion, but she doesn’t agree, any advice how to convince her??
Boy, do we have to get this guy out of that White House, pronto! He is a total menace to society!
No. 1: Remind her that she and you have already agreed to spending $1.1 trillion, and that, therefore, it is necessary to increase the borrowing ceiling to honor your commitments. If you want to lower your commitments, she and you will have to come to an agreement to scale back your spending, but if you cannot do that, any refusal to increase your debt ceiling will harm your credit rating and raise your borrowing costs but will not actually result in lowering your spending commitments.
This is a footnote to the debt ceiling deal last year. He doesn’t have a choice since the government is spending more than it is taking in, and there in support for cutting back on government spending (just ask some retired people to give back some of their social security) or raising taxes (except on somebody else, meaning nobody).
If your sewer backs up with raw sewage (I will use a clean term), do you raise your ceiling and let it continue to pile up or do you get rid of the sewage?
Think about this in November. Time to get rid of the sewage!