Obama asks to borrow another $1.2 trillion
11 April 2012
President Barack Obama last night issued a formal request to the US Congress for the next increase in the national debt ceiling.
Obama, in a letter to House of Representatives Speaker John Boehner, said "further borrowing is required to meet existing commitments."
Congress is unlikely to block the expected $1.2 trillion increase request, which is meant to ensure the debt limit will not be reached again until after November's presidential election.
It was allowed for in an August deal between Obama's Democrats and Republican lawmakers.
