WASHINGTON, Dec. 27 (UPI) -- The United States will be within $100 billion of the current debt limit by the end of the week, senior White House officials said Tuesday.
"Assuming the projection is correct we anticipate that pursuant to the Budget Control Act, the president would submit a certification to Congress confirming that we are within $100 billion of the statutory debt limit," said a Treasury official whose name was not reported.
President Barack Obama is expected to ask Congress to increase the debt limit by $1.2 trillion, the congressional newspaper The Hill reported.
If approved, it would be the third and final increase from the debt-ceiling deal made during the summer that would allow the debt limit to increase in three steps by a total of $2.1 trillion.
The total U.S. borrowing limit would be $16.4 once the third increase takes effect, the newspaper said.
If Congress rejects the increase, Obama could veto the objection under terms of the compromise reached before the government's borrowing authority expired.
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