Increase Debt Limit

Kliphnote: Anyone who voted for Obama the first time was naive, 
and anyone that votes for him the second time is just stupid. 

Obama on Pace to Borrow $6.2T in One Term—More Than All Presidents from Washington Through Clinton Combined  

Posted at 03:49 PM ET, 01/12/2012

Obama asks Congress for debt limit hike

By David Nakamura

President Obama formally notified Congress on Thursday of his intent to raise the nation’s debt ceiling by $1.2 trillion, two weeks after he had postponed the request to give lawmakers more time to consider the action.

View Photo Gallery: Truths and myths about the debt limit.

Congress will have had 15 days to say no before the nation’s debt ceiling automatically is raised from $15.2 trillion to $16.4 trillion.

In a letter to House Speaker John A. Boehner (R-Ohio), Obama wrote that ”further borrowing is required to meet existing commitments.”

Obama had sought to make the request at the end of last month, when the Treasury came within $100 billion of its borrowing limit. However, with Congress on recess, lawmakers from both parties asked the president to hold off. The House is out of session until Jan. 17, and the Senate until Jan. 23.