Obama to Ask Congress this Week to Raise Debt Ceiling by $1.2 trillion

December 27, 2011

The Obama administration will be asking Congress to increase the debt limit later this week, two senior administration officials have confirmed.

The White House is expected to ask Congress to raise the U.S. borrowing limit by $1.2 trillion. This would mark the third and final increase from the debt-ceiling deal that was reached over the summer by Congress and the administration. The agreement said that the borrowing limit would increase by $2.1 trillion in three steps. 

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