8/3/2019 Administration To Ask For Increase In Borrowing
Limit
1/1
WEDNESDAY,DECEMBER28,2011
THEWASHINGTONEXA
MINER
10
POLITICS White House
JACQUELYN MARTIN/AP
President Obama will request another $1.2 trillion in bo rrowing
authority Friday. Thelimit was already raised to $16.4 trillion in
a last-minute deal reached in August.
DEBT CEILING
ByChristopher S. RugaberThe Associated Press
The Obama administration saysthe federal government has
nearlyreached its borrowing limit again.
Treasury officials said Tues-day that the White House plansto
request another $1.2 trillion in borrowing authority Friday.
Theincrease is necessary, they say, because the government will be
within $100 billion of its currentlimit by then.
In thepast,sucha requestwouldbe routine. But this one follows
a
summer of intense partisan debateover thenations recorddebt,
whichhasyet toend despite a last-minutedealreached inAugust
thataverteda potential default.
The increase would boost thedebtlimit to $16.4
trillion.Congressand the Obama administrationagreed to raise it to
that level inthree steps as part of the Augustdeal.
Officials say that should beenough to allow the governmentto
keep borrowing until the end of
2012, or just after the presidentialelection.Congress can reject
the request,
although Obama can veto theirobjection.If Congressdoesntact
byJan. 14, the increase will take placeautomatically.
The debt limit is the amountthe government can borrow tofinance
its operations. It hassoared because the governmenthas run record
deficits over thepast decade.
Theborrowedmoney hashelped
pay for two wars, stimulate thenations economy after the
worstrecession since the Great Depres-sion and finance broad tax
cutsinitiated during the Bush adminis-tration.
The size of the debt has also
stoked a debate in Congressoverspending and taxes.Polls show
growing voter anger
with the inability of both partiesto reach solutions to the
countrysbudget problems.
In August, Congress and theadministration agreed to raise
theborrowing limit by $2.1 trillion inthree steps. The deal was
reachedhours before a potential default onthe nations debt and only
after theparties also agreedto cutmorethan$2 trillion from the
deficit over the
next 10 years.Three days after the agreement was signed into
law, credit ratingagency Standard & Poors down-graded long-term
U.S. debt. A keyreason for the downgrade was thedifficulty Congress
and the WhiteHouse had in reaching an agree-ment, S&Psaid.
The parties remain at odds overhowto reducethedeficit.
InNovem-ber, a bipartisanpanel failed tomeeta deadlineto agreeon
$1.2 trillionofthecuts.Thatmeansautomatic cuts
of thatamount willbeginin January2013 a condition included in
lastsummers deal.
Republicans want to modify thetimetable for the automatic
cuts,largely because it includes steepcuts to the nations
defensebudget.
Administration to ask forincrease in borrowing limit
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