President Obama To Seek $1.2T Debt Limit Increase This Week

Source: Mark Knoller / CBS News

HONOLULU — It seems like the U.S. government just went through a debt limit crisis, but if you check the numbers, you’ll find that Uncle Sam is running out of money again and will need to borrow more. Lots more.
The Treasury Department put out word today that by the close of business on Friday, President Obama will have certified to Congress that the National Debt is within $100 billion of the debt limit and must be raised again: up $1.2 trillion to $16.394 trillion – the highest in U.S. history.

Today’s numbers show that since the debt limit was last raised less than five months ago on August 2nd, the National Debt has soared another $648 billion.

Under the provisions of the Budget Control Act enacted this year, once the president makes his certification, Congress would have 15 days to pass a resolution of disapproval on raising the debt limit. But that would only serve to send the U.S. Treasury toward another borrowing crisis that would likely result in its credit rating being downgraded once again.

To read this article in its entirety visit CBS News.