Obama to cede high ground to Republicans by asking to spend more money

[Quantum Windbag]

Remember last year when Obama insisted on a debt ceiling increase large enough to get him through this year without having to ask for more money? It seem that he forgot to factor in that he spends money faster than Charlie Sheen, so he has to go back and ask for more.

The Obama administration will formally ask Congress later this week to raise the nation’s debt ceiling by $1.2 trillion, a Treasury Department official tells CNN.

The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August and is expected to come on December 30 – the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks the ceiling be raised to $16.39 trillion.

According to the terms of the debt ceiling agreement, Congress has 15 days to pass a joint resolution disapproving of an increase which President Obama is authorized to veto.

The new debt ceiling is expected to satisfy U.S. debts until the end of next year, according to the Treasury Department official.

Obama administration to seek $1.2 trillion debt ceiling increase – The 1600 Report - CNN.com Blogs

 

[Wiseacre]

So essentially next year's deficit wil be 1.2 trillion, unless they misfigured the expenditures. Which wouldn't surprise me, what if Obama has to go back to Congress before election day and ask to raise the debt ceiling higher?

 

[Oddball]

Wowie!...Another (claimed) fiscal train wreck, purposefully set up in advance, in order to try and extract the greatest political advantage possible?

Gee...never saw that one coming.