$16 trillion-plus here we come! But you’re already aware that we need to spend money to keep from going bankrupt.
The White House plans to ask Congress by the end of the week for an increase in the government’s debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.
The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.
The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.
The deal called for raising the debt ceiling by $2.1 trillion to serve the nation’s borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.
Yep, we’re right on target:
“Unpatriotic” even by Obama’s definition:
Update: Here’s the headline of the day.