Treasury has told members of congress it will require a roughly $2 trillion increase to the federal debt limit to ensure the government can keep borrowing through the 2012 president election, Reuters reports:
Obama administration officials have repeatedly said that it is up to Congress to decide by how much the $14.3 trillion debt limit should be raised.
But when lawmakers asked how much of an increase would be needed to meet the government’s obligations into early 2013, Treasury officials floated the $2 trillion working figure, Senate and administration sources told Reuters.
Meanwhile, Republicans have requested a specific debt limit proposal from the White House ahead of tomorrow’s summit on deficit reduction led by Vice President Joe Biden.