Asking For A Raise

December 29, 2011 by staff 

Asking For A Raise, It’s time for another handout equaling billions of dollars. The debt clock is ticking away and President Obama is poised to ask for 1.2 trillion dollars to help pay off the US’ debt. The request to Congress is expected but still indicates a problem the US has with its bills.

It’s cutting it close. US debt is forecasted to climb within 100 billion dollars of the current cap by the end of the year. The government has 82 billion dollars in interest on its debt payments such as Social Security coming due.

The president will ask for the authority to raise the debt limit more than a trillion dollars. It’s part of the agreement between Congress and the White House from over the summer.

Indecisiveness over the US debt put President Obama in a bind this year. With the US credit rating downgraded and threats to lower it even more, the president is asking Congress to fulfill its pledge to provide money to pay down extreme debt.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

The president, who is on vacation in Hawaii, is expected to make the request to Congress before the end of the week.

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