The administration is expected to ask for an additional
$1.2 trillion in debt by the end of today, triggering a 15 day countdown for the Congress to cast what would be a largely symbolic vote of disapproval. The debt ceiling agreement of last August set up a series of "tranches" for the Treasury's borrowing authority, this is the next tranche.
But because the House is out of session until Jan. 17 and the Senate is gone until Jan. 23, it is probable that the debt ceiling will be increased without a whimper.
The action would raise the country’s debt ceiling to $16.4 trillion from $15.2 trillion. According to the Treasury Department, that may be enough to cover federal spending through the 2012 elections. And, just in case it needs more, the Treasury says it will be able to authorize special measures — for example, suspending certain payments to civil service pensions — to fund the government through the elections.
This summer, a spectacular battle erupted between the Obama administration and congressional Republicans over raising the nation’s debt limit. Republicans ultimately agreed that the debt limit would be automatically increased in three stages — although at each instance Congress would have the option of voting to block the increase by passing a “resolution of disapproval.”
These resolutions of disapproval are entirely symbolic—if they should pass, there aren't enough votes to override a presidential veto. The timing of these has caused some confusion on the Hill, since the deadline for the vote comes before either chamber is back in session.
Given that the vote is entirely symbolic, and that the real fight over a the long-term extension of the payroll tax cut and unemployment benefits looms, chances are good Congress will hold this vote under unanimous consent. And, as with the recent vote on the payroll tax cut extension, tea partiers will scream bloody murder about it, but not do anything to stop it.