WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official.
The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.
Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.
(Reporting By Margaret Chadbourn; Editing by Neil Stempleman)