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Treasury’s Yellen urges Congress to raise US debt limit

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AFP

Washington (AFP) – US Treasury Secretary Janet Yellen on Monday called on Congress to take steps to address the federal government’s borrowing limit which was hit on Sunday. Congress suspended the debt limit in 2019, but the two-year suspension lapsed July 31, forcing Treasury to begun taking “extraordinary measures” to remain under the ceiling and continue funding government operations. But private economists estimate those steps will only buy the government a few weeks after which debt repayments would be at risk unless the debt limit is increased or suspended. “I respectfully urge Congress …

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