President Barack Obama formally notified Congress today that that the government needs another $1.2 trillion in 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 has authority to veto any disapproval resolution that clears both chambers of Congress.
The U.S. House is expected to vote on a resolution of disapproval on Jan. 18, said Laena Fallon, a spokeswoman for Majority Leader Eric Cantor, a Virginia Republican. The Senate is scheduled to return the following week.
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.
A spokesman for House Speaker John Boehner used the request to criticize Obama on the budget and the deficit.