WASHINGTON, (Dec. 27, 2011) Reuters, Bloomberg, WaPo and Business Week are reporting that Barack Hussein Obama will ask Congress for additional 1.2 Trillion dollar increase in the debt borrowing limit. According to Reuters the fiscal burden by December 30, 2011 will be stretched to within 100 billion of the current debt limit of over 16 trillion dollars.
Under an August agreement the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within to vote yea or nay on the increase, a vote which is moot at best as Obama can veto a nay vote, which would require Congress to have assemble a two-thirds majority to override the veto.
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