President Obama delays request for $1.2T debt limit increase
By KMOV Web Producer
HONOLULLU (AP) -- President Barack Obama is delaying his petition for another $1.2 trillion increase in the nation's debt limit at the request of congressional leaders.
The White House had been ready to ask for the increase Friday because the government is within $100 billion of exhausting its current borrowing authority. Congress has 15 days to reject the request, though Obama would veto their objection.
If Obama had requested the increase on Friday, Congress would have still been on vacation during that 15 day window. A senior White House official says congressional leaders asked the White House to delay the request so members would have time to voice their opinions.
The official, who requested anonymity because this person wasn't authorized to speak publically, says Obama will make his request within days.