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Senate Hurtles Toward Showdown Over Raising Debt Ceiling (1)

Aug. 5, 2021, 6:24 PM

Democrats and Republicans in the Senate are heading for a standoff over the federal government’s debt limit that risks throwing financial markets into chaos if both sides refuse to budge.

Republicans have signaled all summer that they are unlikely to support a debt limit suspension or increase, a move they say would be tantamount to endorsing the trillions in social spending that Democrats are planning on their own later this year. But some moderate Democrats are wary of the political hazard of voting to allow the federal debt to grow if it isn’t part of a bipartisan package to fund ...