Reports: Obama to seek another increase in debt ceiling

With the United States coming close to hitting the federal debt limit again, President Obama plans to seek a $1.2 trillion increase in the ceiling, various news organizations reported Tuesday.

The debt is projected to fall within $100 billion of the current cap by Dec. 30, Reuters reported. A Treasury Department official told the news organization that the looming increase would cause the administration to seek a debt limit hike by the end of the week.

The request will be the third of three authorized by the debt ceiling agreement reached last summer, according to CNN. Under the terms of that agreement, the increase goes into effect after the president requests it, unless Congress formally passes a resolution of disapproval. That's unlikely, the Washington Post reported, because Congress would have to vote by Jan. 14, and neither the House nor the Senate is expected to be back in session by then.

The debt limit currently is $15.2 trillion and would increase to $16.4 trillion under the coming request. The boost is expected to carry the U.S. through the end of next year, according to Treasury.