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Obama seeks $1.2 trillion debt ceiling increase

12-29-2011 07:46 BJT

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The US administration said that it would request Congress to raise the federal government's borrowing limit by 1.2 trillion US dollars this week, fresh evidence of the mounting budgetary pressure facing the world's largest economy.

The Treasury Department said that if approved by Congress, the increase would boost the federal government’s borrowing capacity to 16.4 trillion dollars. Treasury figures revealed that the federal government was expected to come within 100 billion dollars of the current 15.2-trillion-dollar debt ceiling by the end of this year.

After months of contentious bi-partisan wrangling, Republicans and Democrats this summer agreed to increase the federal government’s borrowing limit by 2.1 trillion dollars from about 14.3 trillion dollars in three steps.

The upcoming borrowing limit hike for the US federal government would mark the third and final increase stemming from the bipartisan deal. .


Editor:Zhang Rui |Source: CNTV.CN

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