Wall Street firms dust off plans as debt limit talks go to the wire

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By Pete Schroeder and Michelle Price WASHINGTON (Reuters) – Wall Street firms are sounding alarm bells and dusting off contingency plans as fears grow that Congress may fail to reach a deal to raise the country’s debt limit in time, executives said. With federal government funding due to expire on Thursday and borrowing authority set to run out on Oct. 18, Democrats who narrowly control both chambers of Congress are scrambling to prevent an unprecedented U.S. credit default. Their latest efforts on Tuesday were blocked by Republicans. A failure to raise the legal cap on how much money the gove…

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