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Agreement on Raising Debt Ceiling (Sorta’!)


On Thursday October 7th the Senate reached agreement to raise the debt ceiling by $480 billion to avoid a default projected to occur by October 18th according to the Secretary of the Treasury. This would have resulted in severe disruption of the economy with a forecast of an impending recession.


The decision is essentially a “kick-the-can-down-the-road” compromise as the issue will have to be confronted again in December.