WASHINGTON — President Barack Obama's re-election campaign and the Democratic Party have set a combined fundraising goal of $60 million for the final three months of 2011.

Obama's campaign and the Democratic National Committee have collected $156 million through the end of September. They would surpass $200 million if the goal is met. The campaign and DNC raised about $70 million from July through late September.

A campaign official tells The Associated Press that the campaign and DNC have yet to meet the fundraising goal but Obama wasn't expected to participate in any fundraising events for the rest of the year. The official spoke on condition of anonymity and was not authorized to speak publicly.

Obama was leaving Washington on Friday to begin a vacation in Hawaii.

© Copyright 2011 The Associated Press. All rights reserved.

The Obama administration will ask Congress to raise the nation's borrowing limit by $1.2 trillion this week, marking the third and final increase from a deal negotiated over summer.

omniNate

The debt limit is the amount the government can borrow to finance its operations. The latest increase will boost that limit to $16.4 trillion. Officials say that should be enough to allow the government to keep borrowing until the end of 2012 — just after the presidential election.

Congress can reject the request, although Obama can veto their objection. If Congress doesn't act by Jan. 14, the increase will take place automatically.

The national debt has soared because the government has run record deficits over the past decade. The borrowed money has helped pay for two wars, stimulate the nation's economy after the worst recession since the Great Depression and finance broad tax cuts initiated during the Bush administration.

The enormity of the debt has also stoked intense partisan debate in Congress over spending and taxes. Polls show growing voter anger with the inability of both parties to reach solutions to the country's budget problems.

In August, Congress and the administration agreed to raise the borrowing limit by $2.1 trillion in three steps. The deal was reached hours before a potential default on the nation's debt and only after the parties also agreed to cut more than $2 trillion from the deficit over the next 10 years.

Still, the parties are at odds over how to reduce the deficit. In November, a bipartisan panel failed to meet a deadline to agree on $1.2 trillion of the cuts. That means automatic cuts of that amount will begin in January 2013 — a condition included in last summer's deal.

Republicans want to modify the timetable for the automatic cuts, largely because it includes steep cuts to the nation's defense budget.

Congress agreed to raise the debt limit by $400 billion in August and by another $500 billion in September.

House Republicans voted against the second increase. But they failed to block it because the Senate approved it. The increases are scheduled to take effect unless both chambers vote against them.

Hmmmm…Eric Holder Assistant Abruptly Resigns From DOJ

by Ulsterman on January 4, 2012 with 15 Comments in News