WASHINGTON — President Barack Obama is asking Congress for another $1.2 trillion increase in the nation’s debt limit. The request is largely a formality. It’s the third and final request the president is allowed under a deal the White House and lawmakers reached in August to prevent a government default.
But Republicans are likely to use the election-year request as an opportunity to criticize the president’s spending policies.
Congress has 15 days to reject the president’s request. The White House says Obama would veto any objections in order to avoid a default.
Also Thursday, the Treasury Department said the federal deficit was $86 billion in December. It was $322 billion through the first three months of the budget year — $47 billion less than the same time last year.
The Associated Press
