Wednesday, January 11, 2012

President Obama ready to ask Congress to raise debt ceiling within days

Over the Christmas holiday, President Obama tried to downplay the need to call upon Congress for a raising of the debt ceiling, only to pull back the request.  That delay appears to have only lasted two weeks as once again news is coming out that Obama plans to submit to Congress a request to add to the nations debt just five months after the debt ceiling showdown.

Obama may seek to raise debt ceiling again just five months after vote

And as The Hill reported yesterday, Obama is expected to request that Congress allow the incremental and final $1.2 trillion debt expansion (of the $2.1 trillion total) within a few days. So it is all on autopilot right? Wrong. As Bank of America explains below, it is very likely that the US will not have a debt ceiling hike for at least a few weeks, meaning that while a debt hike will ultimately come, it will very soon be all the song in dance, potentially overtaking the GOP drama, coupled with the pillaging of government retirement accounts yet again and likely leading to more rating agency action as the US debt fiasco is once again brought front and center. - Zerohedge

Ironically, any publicity about raising the debt ceiling may actually help Presidential candidate Ron Paul, as it will give him ammunition in his debates and stump speeches that the government, no matter who is in office, is completely out of control and bankrupt.


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