Obama to seek $1.2tr increase in U.S. debt limit Dec. 30
World BusinessDec 28, 2011
The Obama administration will ask Congress to increase federal borrowing authority by $1.2 trillion as the nation approaches the debt limit set by law, according to a Treasury Department official. The White House will send the request to Congress on Dec. 30, the day the debt is projected to rise to within $100 billion of the $15.194 trillion limit, the Treasury official told reporters Tuesday on condition of anonymity. Congress will be notified under the terms of a deal to raise the limit worked