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Obama asks to raise debt ceiling again

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    What is political impact of request?

  • Duration 3:01
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Good evening I'm Bret -- the president is asking congress for an increased in the debt ceiling.

Of one point two trillion dollars it is part of that deal worked out last year to avoid a potential default.

But that does not mean it's going to go down smoothly.

Chief White House correspondent Ed Henry has details good evening -- good evening -- an aide to speaker John Boehner says this shows the president has been.

Punting on all the tough budget choices sitting up a major showdown and -- house next Wednesday.

A terse one sentence letter from President Obama to house speaker John -- -- full of bureaucratic jargon about the nation being quote.

Within 100 billion dollars of the limit in 31 US code 3101 -- What it means in plain English -- is America's debt is so out of control is bumping up against the ceiling again.

So the president wants congress to give them another one point two trillion dollars in borrowing authority be based on that bipartisan deal cut last summer.

But the leaders of both parties in both chambers.

Have reached an agreement that will reduce the deficit.

And avoid default.

For the fall the would have had a devastating effect on our com.

That agree that makes it highly unlikely Republicans will be able to stop the president though the house is planning a vote next Wednesday anyway.

The political impact is that debt and deficits already a hot topic on the campaign trail.

Will be front and center for the president at the start of this election year.

We need a president ladies and gentlemen is -- -- stand up and say we have.

Up and economic deficit it's called fifteen trillion dollars in debt.

The president we'll get his money because in exchange for budget cuts this summer deal gave him multiple chunks of borrowing authority.

Noticed -- to prevent the government from defaulting.

House Republicans will likely have the votes next week to officially disapprove of the final -- one point two trillion dollars in borrowing.

But the democratic led senate is unlikely to follow soon.

And even if Republicans they're somehow pass it Mr.

President would use his veto pen and preventing the borrowing from being blocked.

Here -- nation would -- he's growing up in real terms.

-- train that's -- -- they're yelling and screaming oh we can't cut and we can't cut.

The president signaled at a Chicago fund raiser last night he's not in the mood for more spending cuts.

And still wants to raise taxes on the rich a non starter for congressional Republicans and my attitude is I've already signed a trillion dollars.

Where the spending cuts I've proposed even more it's time.

What we're talking about reducing -- also ask people like me to pay our fair share.

In Texas we can do that.

No White House aides say the president order agreed to over a trillion dollars in spending cuts last summer and will release more detail when he puts out his budget next month.

But the failure of this super committee -- a reminder that when it comes to both parties serious deficit reduction still very long not for that -- More on this -- the panel Ed thank.

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