Obama Formally Requests $1.2 Trillion Hike in Borrowing Limit

President Barack Obama asked Congress Thursday for another $1.2 trillion increase in the nation’s debt limit, a request that is largely a formality but carries election-year implications. It was the third and final such request the president was allowed under a deal the White House reached with lawmakers in August to prevent a government default.

Congress has 15 days to reject the president’s request. Read more

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