I dislike writing about things that are going to happen, because they may not. On the other hand, when the White House floats these “we’re gonna do something soon” balloons, I suspect they’re waiting to see our reaction, so I’ll react.
Yes, the White House wants to raise the debt limit. Again. Remember that big debt limit hullaballoo we had earlier this year? When a special commission was appointed to cut the debt… later? Yeah. That one. Well, Congress has been uselessly nibbling around the edges of cuts and now the President apparently wants more money – $1.2 trillion, to be precise – effectively erasing the cuts that have been made.
Look, this guy has one answer to every problem: throw money at it. It’s not working. Stop it.
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…
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.