From the HUFF POST:
The Obama administration says the federal government has nearly reached its borrowing limit – again.
Treasury officials said Tuesday that the White House plans to request another $1.2 trillion in borrowing authority Friday. The increase is necessary, they say, because the government will be within $100 billion of its current limit by then.
In the past, such a request would be routine. But this one follows a summer of intense partisan debate over the nation’s record debt, which has yet to end despite a last-minute deal reached in August that averted a potential default.
The increase would boost the debt limit to $16.4 trillion. Congress and the Obama administration agreed to raise it to that level in three steps as part of the August deal. Officials say that should be enough to allow the government to keep borrowing until the end of 2012, or just after the presidential election…
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