US up against debt limit again
But this time Congress has to act to stop an automatic hike in the debt limit by an additional $1.2 trln.
Traditionally Congress must vote to raise the debt limit but the procedure was reversed as a result of the impasse between the Hill and the White House last summer.
Expect the Obama administration to watch their pennies this year. The last thing they ant is a fight over the debt limit ahead of the November elections.