$2,000,000,000,000: How much federal debt limit could go up

The Treasury has told lawmakers a roughly $2 trillion rise in the legal limit on federal debt would be needed to ensure the government can keep borrowing through the 2012 presidential election, sources with knowledge of the discussions said.

Obama administration officials have repeatedly said that it is up to Congress to decide by how much the $14.3 trillion debt limit should be raised.

But when lawmakers asked how much of an increase would be needed to meet the government’s obligations into early 2013, Treasury officials floated the $2 trillion working figure, Senate and administration sources told Reuters.

Former Treasury officials have said it is routine for Congress to ask the Treasury Department for guidance. Republican leaders have asked the White House to provide the size of any proposed increase before the two sides sit down on Thursday to discuss the debt limit face-to-face.

“We have not specified an amount or a time frame. We think that should be left up to Congress,” Mary Miller, Treasury’s assistant secretary for financial markets, told reporters.

She also said it would be better to raise the debt ceiling enough so that the government does not bump up against it so frequently.

“Obviously, a longer period of time between these activities would be beneficial in terms of the work that goes into preparing for a debt limit increase. But … that’s not the Treasury’s call,” she said. 


News
Entertainment
Sports
Lifestyle
Local

Best nature spots for kids in New York…

When it comes to kids and nature, most U.S. parents agree: children should be spending more time outdoors. According to a recent survey by The…

Local

Easter 2014: The year's best bonnets

It's Easter, and that means it's time for Fifth Avenue to turn into a veritable catwalk of bonnet-wearers. The annual march, which kicks off at…

Local

Woman arrested for attempted kidnapping of baby in…

Authorities said that a Queens woman behind an attempted kidnapping of an 8-month-old baby boy was arrested on Saturday.

Local

Hate crime charge in attack on Sikh Columbia…

A man has been arrested and charged with a hate crime after he allegedly pulled the beard of a Sikh Columbia University professor as part…

Television

'Game of Thrones' recap: Season 4, Episode 3,…

The problem with the devil you know is that ignoring them doesn’t mean they simply lie in wait. It allows them time to do things…

Television

Discovery cancels 'Everest Jump Live' special in wake…

The Discovery Channel has indicated it will not be moving forward with "Everest Jump Live," a planned special about mountain climber Joby Ogwyn's effort to…

The Word

'X-Men' director Bryan Singer drama continues

  News broke late last week that "X-Men" and "The Usual Suspects" director Bryan Singer is being sued by a man who said Singer molested…

The Word

Miley Cyrus cancels more dates, tweeting from hospital

Miley Cyrus is reportedly so sick that she's had to postpone more tour dates. We know this because she has been sitting in a hospital…

NHL

Rangers let chance at victory slip away in…

All the Rangers had to do was hold serve in a raucous Madison Square Garden — roaring in anticipation of putting a hated rival in a 2-0 series hole.

MLB

Yankees place Ivan Nova on DL with partially…

Yankees starter Ivan Nova was diagnosed with a partially torn UCL in his throwing elbow Sunday.

NHL

Rangers never thought opening round would be 'an…

You might have thought the Metropolitan Division semifinal series was going to be a rout after watching Game 1 Thursday night. The Rangers did not.

NHL

Rangers blow two-goal lead in Game 2 loss…

The Rangers got out to an early 2-0 lead in Game 2 and the Garden was rocking. But it went downhill quickly from there.

Travel

Packing: The one thing you need in your…

A new survey that looks at the travel habits of 50,000 people around the world has revealed that Western and Asian globetrotters have different priorities…

Home

Is your chair making it hard to talk?

Ever wished there was an office chair that could make impromptu meetings and discussions more private? The Cristiana Wing Chair is an asymmetrical armchair which…

Travel

Live large at these luxury hotels

From Thai boxing lessons and macabre Dracula tours to the Australian Outback, the Four Seasons hotel chain launched a series of new travel packages this…

Parenting

4 things that every summer camp should have

Alan Saltz, director of the 92nd street Y program lists things that every summer camp should have.