By John W. Lillpop
Anyone laboring under the mistaken notion that the battle over raising the debt limit last summer ended in even a modest victory for the American people needs to wake up and take a whiff of the distressing odor of money being incinerated in Washington, D.C.
This is so because the president has announced that he will seek authorization to increase the debt ceiling by yet another $1.2 trillion dollars.
As reported at reference 1, in part:
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. President Barack 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.
In a major surprise (NOT), the White House has not disclosed the spending cuts that Obama will propose in order to pay for the debt ceiling increase.
Time for another “Super Committee,” sir?