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Wayne Post
  • Countdown: Understanding the U.S. debt ceiling

  • Federal government spending has bumped up against the current borrowing limit of $16.7 trillion. Without a hike in the legal limit by Oct. 17, the Treasury Department will potentially have to make tough choices about who gets paid on time and who gets paid late, which could trigger a default on U.S. obligations — something many experts describe as catastrophic.
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