The Hill: The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.
The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.
Democrats in control of Congress, including then-Sen. Obama (Ill.),
blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.
“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,†Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.â€
Obama later joined his Democratic colleagues in voting en bloc against raising the debt increase.
Now Obama is asking Congress to raise the debt ceiling, something lawmakers are almost certain to do despite misgivings about the federal debt. The ceiling already has been hiked three times in the past two years, and the House took action earlier this year to raise the ceiling to $13 trillion.
Both the White House and the independent Congressional Budget Office last month said that they expect the debt to increase by another $9 trillion over the next decade.
Should the Senate follow the House's lead and set the new debt limit at $13 trillion, lawmakers would probably have to raise the limit again next year, when the Obama administration expects to run a $1.5 trillion deficit.
