Government Needs Only $1.2 Million New Debt to Get Through 2012

 Oops.

The New York Times has a story on the President’s request for an additional $1.2 billion increase in the statutory debt ceiling so that the Federal Government can finance its operations in 2012.

This would be the final increase allowed under the budget agreement reached in August after the government came close to default. Since signing legislation to codify that agreement on Aug. 2, Mr. Obama has obtained two increases totaling $900 billion.

The budget agreement largely pre-empts the partisan debate over federal deficits and debt that the request might otherwise have touched off in Congress.

The increase is almost automatic, since it would take a measure approved by both Houses of Congress to prevent it.  A vote will be taken and this way Republicans and a few Democrats can vote against the increase, without suffering any of the ill effects if the increase did not take place.  Politics as usual.

As for the amount, there is this at the end of the Times article.

Correction: December 27, 2011

A Web site summary with an earlier version of this article incorrectly listed the amount of the debt limit increase sought by President Obama. It is $1.2 trillion, not $1.2 million.

Darn it, for a minute there . . .