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The Guardian - UK
The Guardian - UK
World
Nicola Slawson

First Thing: US could default this summer unless $31.4tn debt ceiling raised

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The US Department of the Treasury building in Washington.
Without changes to the cap on borrowing, the US Department of the Treasury will exhaust its ability to pay all its bills. Photograph: Saul Loeb/AFP/Getty Images

Good morning.

The Congressional Budget Office yesterday said the US Department of the Treasury will exhaust its ability to pay all its bills sometime between July and September, unless the $31.4tn cap on borrowing is raised or suspended.

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