Factbox: Congress confronts U.S. debt ceiling drama – again

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WASHINGTON (Reuters) – Democrats and Republicans in the U.S. Senate are locked in a partisan standoff over how to remove temporarily the $28.4 trillion debt ceiling, a political drama that could pose risks to the U.S. government’s credit rating, financial markets and the economy. The current debt ceiling, which took effect on Aug. 1, sets the borrowing limit for the U.S. Treasury. The Treasury Department will exhaust its borrowing authority some time in October unless the debt limit is raised, posing the danger of a default. WHOSE SPENDING IS IT ANYWAY? Democratic Senate Majority Leader Chuck …

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