Obama to Ask for $1.2 Trillion Increase in Debt Limit

WASHINGTON — President Obama will ask Congress this week for $1.2 trillion in additional borrowing authority, which would raise the federal debt limit to $16.4 trillion and avoid the need for further increases before the 2012 elections, administration officials said Tuesday.

This would be the final increase allowed under the budget agreement reached in August after the government came close to default. Since signing legislation to codify that agreement on Aug. 2, Mr. Obama has obtained two increases totaling $900 billion ...more