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Obama to ask for debt limit increase

Posted By -NO AUTHOR- On 01/11/2012 @ 8:40 pm In Front Page,Money,Politics | No Comments

(INTERNATIONAL BUSINESS TIMES) — President Barack Obama will ask Congress to raise the federal debt limit in “a matter of days,” White House Press Secretary Jay Carney said on Tuesday.

Although the president was scheduled to ask for $1.2 trillion in additional borrowing authority on Dec. 30, the action was delayed because Congress has only been holding pro forma sessions, meaning no formal business has been conducted. Still, Carney told reporters the White House will request the third and final increase, as determined by the debt-ceiling deal reached by Congress last August.

“I’m confident it will be executed in a matter of days, not weeks,” Carney said.


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