Obama asks Congress to raise debt ceiling by $1.2 trillion
The US reached the $15.194 trillion debt limit on January 4.
US President Barack Obama has asked the Congress to raise the debt ceiling by $1.2 trillion.
The US reached the $15.194 trillion debt limit on January 4.
In his formal notification to the Congress, Obama gives both the chambers 15 days to vote on whether to approve the hike.
The US House of Representatives plans to vote on this request January 18.
The Republicans, who hold majority in the House plan to vote against it.
"Washingtons mounting debt is a drag on our economic recovery, and this request is another reminder that the President has consistently punted on the tough choices needed to rein in the deficit and protect important programmes for American seniors from going bankrupt," said Brendan Buck, a spokesman for House Speaker John Boehner.