US takes ‘extraordinary’ steps to avoid looming default

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AFP

Washington (AFP) – The US Treasury began taking measures Thursday to prevent a default on government debt, as Congress heads towards a high-stakes clash between Democrats and Republicans over raising the nation’s borrowing limit. Such “extraordinary measures” can help reduce the amount of outstanding debt subject to the limit, currently set at $31.4 trillion, but the Treasury has warned that the tools would only help for a limited time — likely not longer than six months. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States,” said Treasury Se…

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