Obama to Ask for Debt Ceiling Hike: Report

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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
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