It's official: Obama certifies need to increase debt ceiling

President Obama certified Tuesday that additional borrowing to the federal debt was needed. 

"Pursuant to section 3101A(a)(1)(A) of title 31, United States Code, I hereby certify that the debt subject to limit is within $100,000,000,000 of the limit in 31 U.S.C. 3101(b) and that further borrowing is required to meet existing commitments," Obama wrote in a message to Congress.

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Obama's message came shortly after he signed into law the Budget Control Act, the compromise that resulted from contentious negotiations between Democrats and Republicans on raising the $14.3 trillion debt ceiling by up to $2.1 trillion.

Obama signed the legislation a day after the House passed it and shortly after it went through the Senate, less than 24 hours ahead of when the Treasury Department projected the U.S. economy would default if the debt limit were not increased.