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Obama formally requests $1.2T debt-limit hike
President Obama has sent a letter to Congress formally requesting a $1.2 trillion increase in the nation's debt ceiling.
The request is likely to trigger a fierce election-year debate over the nation's $15 trillion-plus debt, but the ceiling increase is likely to go through because of a deal Obama and Congress struck back in August.
Under the agreement, Congress can reject the requested increase within 15 days, but then Obama has the right to veto it.
Two similar increases in the debt ceiling have been enacted since the August agreement.
Read more: http://content.usatoday.com/communities/theoval/post/2012/01/obama-formally-requests-12t-debt-limit-hike/1
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