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US Treasury secretary Janet Yellen on Friday fired her first warning shot of the year to Congress about the need to raise America’s debt limit. “Failure to meet the government’s obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability,” Yellen wrote to lawmakers.
The US is hurtling towards its riskiest debt ceiling clash since 2011 and there is a real risk that America could default on its payments for the first time in its history.
Hardline House Republicans are demanding deep spending cuts in exchange for raising the borrowing limit beyond its current level of $31.4tn, and the White House and Democrats insist that they will not entertain a deal on that basis.
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