And Pretty Soon You're Talking About Real Money: Obama to ask for a another 1.2 trillion debt ceiling increase:
The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, 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.
Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until January 17.
As Instapundit points out, someone should ask him where the last trillion went. Sadly, he won't even be embarrassed by this. Even the Washington Post admits:
Washington’s year of drama leaves little done regarding debt:
So somehow, the Republican is at fault again...
Reid Ribble, a Wisconsin roofing contractor-turned-Republican lawmaker, has helped change the way Washington talks about the national debt. That’s not to say he has done much about the debt itself.
Nearly a year ago, Ribble and other newly elected House Republicans came to Capitol Hill on a single-minded mission to shove the federal debt to the top of the congressional agenda. They succeeded. At every opportunity, they demanded cuts in spending, forcing a series of white-knuckle showdowns that have kept the government in a state of perpetual crisis. Washington nudged close to a public conversation about the kind of government taxpayers want and what they are willing to pay for it.
Last week, however, Ribble went home for the holidays with little to show for all the political drama. The debt stood at $15.1 trillion, $1 trillion more than when he got to town. By the end of next year, projections show, it will grow by an additional $1 trillion. Ribble said he and his allies had cut spending for 2012 by only about $7 billion, a sliver so tiny Ribble could measure its impact in minutes.
“We’ve saved the American taxpayer about 17 hours of spending. That’s it,” he said. “When you just really stop and think about it, we’ve made very little progress.”