Congress asked to raise debt limit to $1.275 trillion

The Reagan administration asked Congress to raise the national debt limit to a record $1.275 trillion through Sept. 30, 1983.

The present temporary debt limit of $1.079 trillion will expire Sept. 30, 1982, when the debt limit will revert to the permanent ceiling of $400 billion.

A Treasury Department spokesman said that Congress will have to take action by the third week of June to give the Treasury enough time to auction a new four-year note for subsequent issuance June 30, to refund maturing securities, and to raise the new cash needed at that time.