Debt Legacy

Guess who is going to pay for all the new debt? Ramirez hints at just who is going into debt . . .

The Obama administration will formally ask Congress later this week to raise the nation’s debt ceiling by $1.2 trillion, according to Treasury Department officials.

The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August and is expected to come on December 30 – the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks the ceiling be raised to $16.39 trillion.