The White House plans to ask Congress by the end of the week for an increase in the government’s debt ceiling… according to a senior Treasury Department official on Tuesday.
The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.
The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.
[...]The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.
And yet some people apparently think that he is doing a good job with the economy.
Perhaps this story provides a clue about why things have gone so badly:
After an hour of hiking, President Obama Monday got down to the serious business at hand, heading out to golf for the second day in his first three days of vacation. He was back on the course at Marine Corps Base Hawaii.
With this one, Obama reaches a new milestone, having gone golfing 90 times in less than three years as president. That’s about three months of golf, given that the excursions generally take about five hours – much of the useful portion of the day.
What’s more, it’s the 32nd time he’s been on the links this year, a record for the president. His 32 outings eclipses the 2010 mark of 30 and is far ahead of his 2009 tally of 28 rounds as president.
And remember, there are still five days left in the year for Obama to pad his new record, which he almost certainly will.
Along for Monday’s round were three of Obama’s Hawaii friends, Mike Ramos, Greg Orme and Bobby Titcomb. The latter, you may remember, was arrested in April in a prostitution sting.
It’s the children who are going to be paying for Obama’s spending spree. Remember, the last Republican budget was in 2007 – and the deficit then was $160 billion. Then the Democrats took over the House and the Senate and the deficit rose dramatically and is not going down in the near future.