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Prospect of Raising the Debt Ceiling Promising


U.S. Treasury Secretary Steven Mnuchin has announced an accommodation between the White House and Congress on raising the debt ceiling on July 26th before the August recess. This action would avert a government shutdown with obvious implications for the agricultural sector and the economy. Given current high spending, the debt ceiling limit would have been exceeded during the recess resulting in a default before Congress reconvened. Public debt now exceeds $22 trillion.