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As U.S. approaches debt limit, Treasury readies 'extraordinary' measures
As the federal government closes in on its legal debt limit, the U.S. Treasury is dusting off its book of so-called extraordinary measures — moves that will buy it a few extra months to finance Social Security, military salaries and other payments. The U.S. was about $67 billion under the $16.394 trillion debt ceiling as of Friday. That’s small change in a world of trillion-dollar deficits and billions in monthly borrowing. Treasury expects to bump up against the cap, which is set by Congress, very near the end of this month. Lawmakers may not raise it before then — the debt limit has become entangled in fiscal ... (full story)
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