Obama to Ask for Debt Ceiling Hike: Report

The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior U.S. Treasury Department official.

The debt limit is projected to fall within $100 billion of the current cap by Dec. 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.

Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request. (Reporting By Margaret Chadbourn; Editing by Neil Stempleman)