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Treasury Secretary Says US Must Raise Debt Limit

U.S. Treasury Secretary Jack Lew says it would be "a grave mistake" for the United States to fail to increase its borrowing limit in the next week so it does not default on a wide range of financial obligations. Lew told a Senate panel Thursday the U.S. will run out of borrowing authority in a week as its reaches its current $16.7 trillion debt ceiling. At that point, he said the Treasury would only have about $30 billion on hand and some incoming revenue, but not enough to pay all ...

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