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What you need to know about the debt ceiling

What you need to know about the debt ceiling

Until recently, the markets largely ignored the political jockeying over whether to raise the federal debt ceiling, figuring there's no way Congress would purposely default on the nation's obligations and potentially throw the U.S. economy into another recession. But as the Oct. 17th deadline approaches with no resolution in sight, markets are getting nervous. Rates on Treasury bills have been rising. The Dow Jones industrial average gave up 296 points, or nearly 2 percent, early this week, but rose slightly Wednesday with the nomination of Janet Yellen to lead the Federal Reserve. Wall Street and corporate CEOs are speaking out against using the debt ceiling as a ploy to...