White House Says President Can’t Raise Debt Limit

By Jared A. Favole

President?Barack Obama?doesn?t have the authority to raise the U.S.?s borrowing limit, the White House reiterated on Thursday, leaving to Congress the responsibility for how to react when the country hits the debt ceiling.

?I can say that this administration does not believe that the 14th Amendment gives the president the power to ignore the debt ceiling,? White House Press Secretary?Jay Carney?said Thursday, dashing any concerns that Mr. Obama would side-step Congress to raise the nation?s borrowing limit.

The U.S. government has $16.308 trillion in debt, putting it just beneath the $16.394 trillion borrowing limit set by Congress. The government is expected to run out of measures to avoid the debt limit in February or March, the Congressional Budget Office has said, meaning the U.S. would default on its bills if Congress doesn?t act to raise the amount the government can borrow.

Source: http://blogs.wsj.com/washwire/2012/12/07/white-house-says-president-cant-raise-debt-limit/?mod=WSJBlog

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