Getting your player ready...
WASHINGTON — Lest the words “debt ceiling” spark a panic over the possibility of another showdown in Washington, fear not. The Obama administration is expected to ask Friday for a $1.2 trillion increase in the limit on the federal government’s borrowing. Congress then will have 15 days to say no. But because the House is out of session until Jan. 17 and the Senate is gone until Jan. 23, it is probable that the debt ceiling will be increased without a whimper.
The action would raise the country’s debt ceiling to $16.4 trillion from $15.2 trillion. According to the Treasury Department, that may be enough to cover federal spending through the 2012 elections.
