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Al Jazeera
Al Jazeera
Business
Somesh Jha

What is the US debt ceiling & why can’t Congress delay decision?

The US has touched or neared the debt limits at least 20 times in the past two decades [File: Jim Bourg/Reuters]

The United States government hit its borrowing limit last week, on January 19, leading to new economic worries at a time when most countries are expecting a slowdown in economic growth.

The US administration has already started implementing measures to avoid any default, which could have catastrophic effects on both domestic and global economies.

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