President Obama requests $1.2 trillion debt ceiling increase

By Michael J.W. Stickings

The Hill:

President Obama on Thursday made an official request that Congress raise the debt ceiling by $1.2 trillion over the objections of several House Republicans.

Obama's formal notification gives both chambers 15 days to vote on whether to approve the hike. The House plans to vote on this request on Jan. 18, a spokeswoman for House Majority Leader Eric Cantor (R-Va.) said.

The United States reached the $15.194 trillion debt limit on Jan. 4, according to Treasury statements. Since that time, Treasury has employed the "extraordinary measure" of tapping into its Exchange Stabilization Fund to avoid exceeding the limit.

Uh-oh. Another opportunity for Republicans to try to push America (and the global economy) off the cliff.

Thankfully, the Senate would need to vote against it as well, and the Senate, still under Democratic control, isn't about to vote for economic Armageddon.