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debt-limit increase

Leaders of political parties say they want a deal to boost the federal borrowing limit by July 4th, a month before the Treasury said the government will be in risk of a default, but it isn’t yet clear how they get past stark differences on federal spending and taxes.

Republicans have discarded a bill to raise the US debt limit, in what forecasters describe as a bid to force government spending cuts. The chamber voted 318-97 against the bill, rejecting a call by President Barack Obama to raise the debt limit without conditions.

Posted by Dospel & GanjaParker