Tag Archives: Obama asks Congress

Obama Asks Congress to Lift Debt Ceiling by Another $1.2 Trillion

Prior to Sept. 28, 1987, the Treasury did not have the legal authority to run a national debt of $2.4 trillion—let alone increase the debt limit by that amount. On that date, President Reagan signed a law lifting the debt limit by $448 billion—from $2.352 trillion to $2.8 trillion. Continue reading

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