Venezuelan lawmakers are considering increasing the government’s debt limit as suggested by President Hugo Chavez, The Wall Street Journal reports. Currently, the 2011 budget allows the government to issue bonds worth about $12 billion, which may now be increased by about $10.5 billion.

Nearly $2.3 billion of the requested amount will be used for interest payments and refinancing of existing debt. The central government had $71.77 billion of debt at the end of 2010.

Click here for the story from The Wall Street Journal.