Washington, D.C., United States (AHN) – President Barack Obama’s administration is preparing to ask Congress to raise the national debt ceiling by $1.2 trillion.

Congress is expected to approve the measure, having reached a hard-fought deal in summer to extend the debt ceiling and fund the government.

Overall, the United States debt ceiling will rise to $16.39 trillion, a record high.

Both houses of Congress are currently in recess, and House lawmakers won’t return to regular session until January 17, 2012. The U.S. Senate isn’t scheduled to meet again this year, and will return January 23, 2012.

If the White House and Treasury Department announce plans to raise the debt ceiling before New Year’s Eve, Congress will need to call an emergency session in order to pass a resolution barring the increase.

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