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America Hit Its Debt Limit, Raising Economic Fears



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WASHINGTON — The United States hit its debt limit on Thursday, prompting the Treasury Department to begin using a series of accounting maneuvers to ensure the federal government can keep paying its bills.In a letter to Congress, Treasury Secretary Janet L. Yellen said the government would begin using what is known as extraordinary measures to prevent the nation from breaching its statutory debt limit and asked lawmakers to raise or suspend the cap so that the government could continue meeting its financial obligations.“The period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. government months into the future,” Ms. Yellen said. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”The milestone of reaching the $31.4 trillion debt cap is a product of decades of tax cuts and increased government spending by both Republicans …

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