President Obama requests $1.2 trillion debt hike over GOP objections
Baku, January 13 (AZERTAC). President Obama on Thursday made an official request that Congress raise the debt ceiling by $1.2 trillion over the objections of several House Republicans.
Obama`s formal notification gives both chambers 15 days to vote on whether to approve the hike. The House plans to vote on this request on Jan. 18, a spokeswoman for House Majority Leader Eric Cantor (R-Va.) said.
The United States reached the $15.194 trillion debt limit on Jan. 4, according to Treasury statements. Since that time, Treasury has employed the “extraordinary measure” of tapping into its Exchange Stabilization Fund to avoid exceeding the limit.
The White House agreed not to make an official request to raise the debt ceiling until now so that Congress could vote on the matter.
The boost will be the third and final increase to the ceiling under the debt-limit deal struck in August, and is intended to cover the government`s borrowing through the 2012 elections. The summer deal states that the increase would be effective in 15 days without action by Congress.
The GOP House approved the debt-ceiling deal, but many Republicans have objected to the debt-ceiling hikes called for in that legislation.
Several House Republicans on Thursday intensely criticized the latest hike request, and the lower chamber is likely to vote to reject it.
But a rejection by House Republicans is highly unlikely to prevent the debt ceiling from being raised.
Under the summer deal, the $1.2 trillion hike can only be stopped if both the House and the Senate, where Democrats hold the majority, reject it.
The GOP-controlled House voted to disapprove a $500 billion increase to the debt ceiling the president requested in September, but a similar measure failed in the Senate.
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