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Obama's Change of Plan on Debt Limit

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    Doug Luzader reports from Honolulu, Hawaii

  • Duration 2:34
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-- continues his vacation in Hawaii with the start of a busy election year just a couple of days away.

Correspondent Doug Luzader is traveling with the president and joins us live with the word on a change of plans today.

Good afternoon -- Hi Jim -- this is some last minute drama that we just didn't expect the White House doesn't think this is going to be a big deal but once again.

The debate over the nation's debt ceiling is coming down to the wire.

The government's money is running out and -- the Treasury Department will have to resort to accounting gimmicks to keep the cash flow it.

Right now we are within 100 billion dollars of the legal debt limit and this clock isn't stopping.

The White House was expected to formally asked congress today for a one point two trillion dollar hike in the nation's debt -- Something already agreed upon.

It was supposed to -- routine but the administration decided to wait a few more days.

House speaker John Boehner and senate majority leader Harry Reid won four times so they can vote on the -- They're not scheduled to be back at the capitol until later next month.

A senior White House official says quote the administration is in discussions with leaders in both houses to the -- of the best timing for submission of the certification.

And any subsequent votes in the two houses.

If those votes in congress turned down the president's request he will have to -- their objections to keep borrowing money.

The White House points out that the last time congress weighed in on a similar request it never got that far so the administration is confident the increase will happen.

The concern.

Is that the markets may not be so sure there is a saying that Wall Street climbs the wall of worry and worry of course is another word for uncertainty -- you just never know with the markets are going to do at the White House wanted this CC taken care of well ahead of the president's reelection campaign.

Now -- start the year with more -- -- these kinds of puzzles with congress that have made it more difficult for the administration.

It pushing what could be other big agenda items everything from comprehensive immigration reform to gun control to measures designed to create jobs.

Even today his domestic policy advisors chief domestic policy advisors resigned much of his original economic team is no longer there so there really aren't focused on policy.

-- you might imagine the White House take on this is a little different in fact one of White House official thinks that this delay shows.

That the administration is willing to work with congress to give them time to weigh in on this.

But they think -- ultimately this isn't going to make a difference that the debt ceiling is going to go up next month one player via.

Okay Doug thanks very much.

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