If you thought we’d have a respite from this big spending, debt accruing president while he vacations in Hawaii, think again. According to Reuters, President Obama is going to ask Congress for another big hike in the debt ceiling by the end of the week.
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. (Read More)
If he gets his way – and he likely will – the new debt limit will go up to almost $16.4 trillion. I would type out all of those zeroes, but it’s just too much with a fractured wrist.
Update: Don’t worry, the breathtaking national debt has not hurt Obama’s golf game. He played his 90th round of his presidency yesterday.