From Dow Jones:
Senate Democrats are to seek an increase to the federal government's borrowing limit by $1.9 trillion lifting the total amount the U.S. government can owe to $14.294 trillion, several congressional aides said Wednesday.
The increase is forecast to support the federal government's borrowing needs the end of 2010, one Senate Democratic aide said.
The borrowing hike comes fast on the heels of a $290 billion increase to the debt ceiling agreed to by lawmakers at the end of 2009.
Update: Reader Steak points out the following piece of debt ceiling management insight from Politico:
President Barack Obama is expected to appoint a special deficit reduction commission as part of a tentative agreement between Democrats and the White House—each trying to find the votes to raise the federal debt ceiling in the coming weeks.
The challenge for the White House has been to find an alternative path that offends fewer people but still holds some promise of forcing action in the future.
The lunacy continues