Political impasse raises US default concerns

Capitol building in Washington DC

US government officials remain at an impasse over raising the United States' debt ceiling, an aggregate limit that applies to nearly all federal debt.

The most recent increase in the US debt ceiling by $1.9 trillion to $14.29 trillion was signed into law on February 12, 2010 and the Treasury projects the US will exhaust its authority to borrow around August 2, raising the spectre of not having enough cash to meet the government's bills. This year's vote would represent the 101st time since 1940

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