President Barack Obama has formally notified Congress of proposals for a $1.2 trillion (£782bn) rise in borrowing, risking another battle with Republicans. In a letter, Mr Obama said "further borrowing is required to meet existing (spending) commitments". Congress has 15 days to vote on the proposal, which would raise the debt ceiling to $16.4 trillion. Last year the government came close to default in a row over the debt ceiling. An uneasy truce between was agreed last year over long-term plans to reduce the nation's deficit. Although the president is expected to be able to increase the debt ceiling, the issue will ... (full story)