Obama formally requests debt limit increase

Reuters News

1/12/2012 3:18:46 PM - Reuters News

WASHINGTON (Reuters) - President Barack Obama on Thursday issued a formal request to the U.S. 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.

(Reporting By Matt Spetalnick and; Aruna Viswanatha; )