Just yesterday, Obama requested congress to increase America’s debt ceiling by another $1.2 TRILLION! Yep, you read that right, $1.2 Trillion smackeroo’s! I guess the fed’s need the dough to pay for yet another war. Yep, war, war, war.

From Bloomberg:

President Barack Obama formally notified Congress today that that the government needs more borrowing authority.

The written certification to raise the debt ceiling to $16.394 trillion starts a 15-day clock for Congress to consider and vote on a joint resolution disapproving of the increase.

Under legislation passed Aug. 2 after months of wrangling between the
administration and Republican lawmakers, the president is given the
power to veto any disapproval resolution that clears both chambers of
Congress.

The law calls for Obama to notify Congress when the debt came within $100 billion of the current $15.194 trillion limit.

While the threshold was reached Dec. 30, when the president was in
Hawaii and Congress was on holiday break, Obama agreed to a request from
congressional leaders to delay the notification request, ensuring the
deadline for congressional action didn’t lapse before lawmakers returned
to Washington.

For those good folk who don’t quite understand what all of this means, I suggest taking three minutes to watch the video below. Out of all of the video’s produced discussing this issue, by far, this production lays it all out by using the “family” budget as an example.

DEBT LIMIT – A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY produced by Debtlimitusa.org

h/t cryptogon.com