The White House is reportedly expected to announce a request to raise the debt ceiling by another $1.2 trillion on Friday. The boost would bring the ceiling up to nearly $16.4 trillion. "The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August and is expected to come on December 30," explains CNN's White House producer Alexander Mooney, who broke the story on Tuesday afternoon. Will Americans love this plan from President Obama (pictured above in the white golfing shirt, enjoying his holiday vacation in Hawaii) to keep the United States from defaulting on its debt? We seriously doubt it.
By the way, this is what the growth of the American government's spending looks like relative to the GDP: