Obama proposes debt ceiling to be increased by $1.2 trillion

Note: This section contains information in English only.
Source: CNN Money

President Obama is going to call Congress to enlarge the debt cap by $1.2 trillion. According to Treasury official, Obama claimed the additional debt would help the country to survive most of the 2012. This request would enlarge US debt limit from $15.2 trillion to $16.4 trillion. Obama still must submit the new proposal to Congress. It can be rejected if both Senate and House vote against it.

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