15 days ago
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The US has reached its $31.4 trillion debt ceiling, the Treasury Department announced on Thursday, with no obvious deal in sight, media reports said. Congress last raised the debt ceiling in December 2021, when Democrats held unified control of Congress -- the Senate and the House of Representatives. The debt ceiling requires Congress to raise the threshold to pay for already-appropriated spending. How will the Treasury Department's extraordinary measures work in preventing a fiscal crisis, one might ask . Here's how: The Treasury Department can prioritise payments, including suspending payments to long-term programmes for government employees.
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