White House warns ‘economic catastrophe’ without debt deal

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President Joe Biden’s administration is warning of a “economic catastrophe” if the US Congress fails to increase the nation’s borrowing limit. But Republicans have vowed to withhold support for raising the debt ceiling – forcing Democrats in the majority to bear the political costs alone. US Treasury Secretary Janet Yellen has warned that without an increase the government will run out of cash to fund operations and pay its debts sometime in October. “The US has never defaulted. Not once. Doing so would likely precipitate a historic financial crisis that would compound the damage of the contin…

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