MMC
12-30-2011, 06:42 PM
HONOLULU (Reuters) - President Barack Obama has agreed to delay submitting a debt ceiling increase request until next month to allow lawmakers time to consider it while they are in session, the White House said on Friday.Under an August deal between Obama's Democrats and the Republicans, Congress is unlikely to block the expected $1.2 trillion increase request, ensuring that the debt limit will not be reached again until after November's presidential election.
The Treasury had said on Tuesday that Obama would likely seek authority before week's end to raise the borrowing limit by $1.2 trillion, under an agreement negotiated between Congress and the White House this past summer.
Congress has 15 days to vote on a resolution of disapproval for the debt limit hike once Obama submits the notification, but the president would be able to veto any such vote.
A White House official said the delay in requesting the borrowing increase would be for days, not weeks, and that the Treasury Department would be able to use accounting measures to avoid hitting the debt limit.
The debt had been projected to fall within $100 billion of the current cap by Friday, when the United States has $82 billion in interest on its debt and payments such as the Social Security retirement program coming due.
The credit-worthiness of the United States would not be in question because of the filing delay, the official said.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request. Obama officials have said that would cover the country's borrowing needs until after the election.
Under the August deal, the borrowing cap is raised automatically unless Congress musters a two-thirds majority in both chambers to block the extension.....snip~
http://news.yahoo.com/white-house-says-delaying-debt-ceiling-request-184917687.html <<<<< More here!
Reuters – 2 hrs 16 mins ago.....
How ya like the this move by Obama and our Congress. Like how the media played all this coverage out over this issue knowing full well they had this agreement back in August. Told ya so all of them could go home. They are so aganst each other that they just continually walk lock stock and barrel in foot and rythum with each other. Damn near holding hands. Yet they are solving this country' problems.....they are serving the people and this country.....Right?:rollseyes:
The Treasury had said on Tuesday that Obama would likely seek authority before week's end to raise the borrowing limit by $1.2 trillion, under an agreement negotiated between Congress and the White House this past summer.
Congress has 15 days to vote on a resolution of disapproval for the debt limit hike once Obama submits the notification, but the president would be able to veto any such vote.
A White House official said the delay in requesting the borrowing increase would be for days, not weeks, and that the Treasury Department would be able to use accounting measures to avoid hitting the debt limit.
The debt had been projected to fall within $100 billion of the current cap by Friday, when the United States has $82 billion in interest on its debt and payments such as the Social Security retirement program coming due.
The credit-worthiness of the United States would not be in question because of the filing delay, the official said.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request. Obama officials have said that would cover the country's borrowing needs until after the election.
Under the August deal, the borrowing cap is raised automatically unless Congress musters a two-thirds majority in both chambers to block the extension.....snip~
http://news.yahoo.com/white-house-says-delaying-debt-ceiling-request-184917687.html <<<<< More here!
Reuters – 2 hrs 16 mins ago.....
How ya like the this move by Obama and our Congress. Like how the media played all this coverage out over this issue knowing full well they had this agreement back in August. Told ya so all of them could go home. They are so aganst each other that they just continually walk lock stock and barrel in foot and rythum with each other. Damn near holding hands. Yet they are solving this country' problems.....they are serving the people and this country.....Right?:rollseyes: