Obama seeks $1.2 trillion debt ceiling increase

NEW YORK (CNNMoney) - The year couldn't end without a final word about the nation's debt ceiling.

President Obama plans to ask Congress this week to raise the debt limit by $1.2 trillion, an increase that should get the government through most of next year, a Treasury department official said Tuesday. Fortunately, though, the increase should come without the fireworks the accompanied this summer's debt battle, as it comes in line with the deal struck back then. That deal authorized a phased increase of the debt ceiling by between $2.1 trillion and $2.4 trillion in total, with $400 billion of that kicking in immediately and another $500 billion coming in September.

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Source: http://politicalticker.blogs.cnn.com/2011/12/27/obama-seeks-1-2-trillion-debt-ceiling-increase/

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