Obama to Ask for Debt Ceiling Hike: Report

Originally published on Fox Business.The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior U.S. Treasury Department official.The debt limit is projected to fall within $100 billion of the current cap by Dec. 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.Continue reading here.