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U.S. Debt Ceiling

As U.S. hits debt limit, Treasury takes steps to extend borrowing

As U.S. hits debt limit, Treasury takes steps to extend borrowing

The Treasury Department has started taking steps to extend the federal government's borrowing ability as the U.S. hits its debt limit again Monday, Treasury Secretary Jacob J. Lew told lawmakers Friday. In a letter to congressional leaders, Lew urged them to raise the limit "as soon as possible" to avoid potential damage to the government's credit rating. "Protecting the full faith and credit of the United States is the responsibility of Congress, because only Congress can extend the nation's borrowing authority," Lew wrote. "No Congress in our history has failed to meet that responsibility." Republicans in Congress have used the limit as...

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