Obama Sends Request To Congress For $1.2 Trillion Debt Ceiling Increase

Submitted by Tyler Durden on 01/12/2012 15:09 -0500

• Barack Obama
• Debt Ceiling
• Gross Domestic Product

Update:

• HOUSE TO VOTE JAN. 18 ON OBAMA'S DEBT-LIMIT INCREASE REQUEST

Two days ago we wondered how long it would take for Obama to restart the debt ceiling theater. Not that long it turns out.

• OBAMA SENDS CONGRESS REQUEST TO RAISE DEBT CEILING
• OBAMA NOTIFICATION STARTS 15-DAY CLOCK FOR CONGRESS TO VOTE

So with Congress in recess, will Obama succeed in passing another automatic vote using base trickery? The same Obama, who as recently as 3 hours ago warned Congress that any attempts to pass approval on the Keystone Pipeline without his involvement are "counterproductive"... In other news, America' new debt ceiling of $16.3 trillion, or 107% of GDP is now just a formality, about to be interrupted by a little circus clowning.
From Bloomberg:

President Barack Obama formally notified Congress today that that the government needs more borrowing authority.

The written certification to raise the debt ceiling to $16.394 trillion starts a 15-day clock for Congress to consider and vote on a joint resolution disapproving of the increase.

Under legislation passed Aug. 2 after months of wrangling between the
administration and Republican lawmakers, the president is given the
power to veto any disapproval resolution that clears both chambers of
Congress.

The law calls for Obama to notify Congress when the debt came within $100 billion of the current $15.194 trillion limit.

While the threshold was reached Dec. 30, when the president was in
Hawaii and Congress was on holiday break, Obama agreed to a request from
congressional leaders to delay the notification request, ensuring the
deadline for congressional action didn’t lapse before lawmakers returned
to Washington.