Obama: US needs another $1.2 trillion to meet current obligations

Note: This section contains information in English only.
Source: BBC
Barack Obama formally notified the Congress that US government needs to borrow another $1.2 trillion to meet existing commitments. Congress should vote during the next 15 days on the approval of the proposal that may raise debt ceiling to about $16.4 trillion. The government was near default in 2011 exceeding its debt ceiling. The proposal is expected to increase battles between Obama and Republicans.


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