President Barack Obama notified Congress on Thursday that he plans a $1.2 trillion increase in the U.S. debt ceiling. The move by the president, gives Congress 15 days to vote on a resolution of disapproval under terms of budget control legislation passed last year. Lawmakers are unlikely to get the votes needed to block the increase in borrowing capacity. Obama originally intended to start the process on December 30 but House and Senate leaders asked him to delay the move to allow lawmakers to consider it while they are back in session. The U.S. Treasury Department had to dip into the Exchange Stabilization Fund, to allow for the delay, which has a dollar balance of $22.7 billion. A Treasury official said other measures, such as suspending the daily reinvestments of assets in a government pension fund, may also be needed until the debt-limit increase is secured.
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