The only way to stop is Block this Spending Beast, Cut off his spending -Obama to ask for debt limit hike

Obama to ask for debt limit hike: Treasury official - Yahoo! News

12-27-11

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. 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.