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Obama Request for $1.2 Trillion Debt Limit Increase Delayed

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By Doug Powers  •  December 30, 2011 03:27 PM

**Written by Doug Powers

The government needs to borrow another $1.2 trillion so they can continue to protect us from bankruptcy. Predictably, the White House tried to get this done on the Friday afternoon heading into a holiday weekend, but circumstances prevented it from happening:

HONOLULU (AP) — President Barack Obama is delaying his request for another $1.2 trillion increase in the nation’s debt limit at the request of congressional leaders.

It’s basically because of a technicality.

The White House had been ready to ask for the increase Friday because the government is within $100 billion of exhausting its current borrowing authority. Congress would then have 15 days to reject the request, though Obama would veto any objections in order to ensure that the government does not default on its obligations.

But with Congress not due to return to Washington until mid-January, lawmakers asked Obama to delay his request so they would be in session during the 15-day period allowed for objections.

“The administration is in discussions with leaders in both houses to determine the best timing for submission of certification and any subsequent votes in the two houses,” White House spokesman Josh Earnest said Friday.

Another $1.2 trillion — almost $4,000 for every single American citizen. Is this request coming from the same administration that recently asked for stories about how important forty dollars is to each of us?

In that same AP story we’re also reminded that this is all still pretty much Bush’s fault:

The debt limit is the amount the government can borrow to finance its operations. It has soared because the government has run record deficits over the past decade. The borrowed money has helped pay for two wars, stimulate the nation’s economy after the worst recession since the Great Depression and keep intact broad tax cuts initiated during the Bush administration.

When Congress comes back next month they’ll want to tread cautiously. They’re rockin’ a five percent “good or better” rating and wouldn’t want to do anything to harm it.

We close with the obligatory debt ceiling increase clip:

**Written by Doug Powers

Twitter @ThePowersThatBe

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Categories: Barack Obama, Health care, New York Times, Paul Krugman