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Tags: BUD | BUSINESS | CNG | CNGRS | DCAA | EXE | FINMIN

Obama Sends Congress Notice to Raise Federal Debt Ceiling

Thursday, 12 January 2012 04:03 PM EST

WASHINGTON — President Barack Obama formally notified Congress today that the government needs more borrowing authority.

The written certification to raise the debt ceiling to $16.394 trillion starts a 15-day clock for Congress to consider and vote on a joint resolution disapproving of the increase.

Under legislation passed Aug. 2 after months of wrangling between the administration and Republican lawmakers, the president is given the power to veto any disapproval resolution that clears both chambers of Congress.

The law calls for Obama to notify Congress when the debt came within $100 billion of the current $15.194 trillion limit.

Although the threshold was reached Dec. 30, when the president was in Hawaii and Congress was on holiday break, Obama agreed to a request from congressional leaders to delay the notification request, ensuring the deadline for congressional action didn’t lapse before lawmakers returned to Washington.

© Copyright 2022 Bloomberg News. All rights reserved.


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Thursday, 12 January 2012 04:03 PM
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