President Barack Obama will delay his request to raise the debt ceiling after congressional leaders asked for time to consider the timing of votes.
The president originally announced plans to ask for the $1.2 trillion increase in late December in accordance with the Budget Control Act passed in August. He delayed on the request on Friday.
The act allows the president to submit a written certification to Congress when the national debt is within $100 billion of the limit. The Treasury Department said that would happen by the end of business Friday, according to White House principal deputy press secretary Josh Earnest.
"The administration is in discussions with leaders in both houses to determine the best timing for submission of the certification and any subsequent votes in the two houses," Earnest said in a statement.
The increase would raise the debt ceiling to nearly $16.4 trillion, a record high. The president already raised the debt ceiling twice by a total $900 billion since the Act passed in August.
The latest request would pass automatically after 15 days, unless a joint resolution by Congress disapproves. Obama can veto that resolution.
The author of this article is: Andrew Scoggin
See the original post at: http://www.housingwire.com/2011/12/30/obama-holds-off-on-debt-ceiling-request
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Posted by: Gay Real Estate News ~ GayRealEstate.com | Saturday, December 31, 2011 at 05:13 AM