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US Debt Ceiling Update
With the U.S. rapidly reaching the amount of debt the government is legally allowed to issues (aka the “debt ceiling) and a deadline approaching for a resolution, we continue to monitor the progress of talks in Washington to resolve the issue.
StreetAccount reports that the big story today revolves around the breakdown in negotiations over a long-term deficit reduction plan on the part of the bipartisan, "Gang of Six".
Republican Senator Tom Coburn of Oklahoma told reporters yesterday that he decided to pull out of negotiations largely due to an impasse over cutting spending for entitlement programs.
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