Obama Sends Notice to Raise Debt Ceiling by $1.2T
By Hans Nichols and Roger Runningen
President Barack Obama formally notified Congress today that that the government needs another $1.2 trillion in borrowing authority.
The written certification to raise the debt ceiling to $16.394 trillion starts a 15-day clock for Congress to consider and vote on a joint resolution disapproving of the increase.
Comment: The debt curve is moving up its vertical part at an accelerating speed.