Obama Seeks to Raise Debt Ceiling

ONCE AGAIN

Updated Apr. 24, 2017 12:51PM EDT / Published Dec. 27, 2011 3:05PM EST

Jacquelyn Martin / AP Photo

Treasury Department officials said Tuesday that the White House will formally request that Congress increase the debt ceiling by $1.2 trillion—which they say will satisfy U.S. debts until the end of the year. This latest request is the third one authorized by the dramatic debt-ceiling deal this summer, and if Congress does not want to approve the increase, it has 15 days to pass a joint resolution disapproving the measure—but President Obama can veto that. The request is expected to come on Dec. 30, the day the debt is projected to fall within $100 billion of the current $15.194 trillion debt.

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Obama Seeks to Raise Debt Ceiling

Jacquelyn Martin / AP Photo