President Obama today will for the first time discuss his strategy for dealing with the nation’s $14.3 debt. It’s part of a painful negotiation with Republicans over the president’s pending request to increase the government’s borrowing limit, now less than $80 billion away.
The president needs at least $900 billion to even reach the end of the federal fiscal year on Sept. 30, likely more since deficit spending shot up 16 percent in the first six months of the fiscal year. And in order to get through the 2012 election cycle without making another politically costly request, the president would need more than $2 trillion this time.
Obama ducked the debt and deficit issue in his annual budget proposal and has preferred for Republicans and a bipartisan coalition in the Senate to take the lead on addressing the issue. But as the White House becomes more desperate for borrowing power
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