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OCT 12, 2013 - San Francisco Chronicle

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Q&A: What happens if US breaks borrowing limit?

Even if the government managed to make its interest payments, fears about a default could cause investors to dump Treasurys and send U.S. borrowing rates soaring. A. The borrowing limit is a cap on how much debt the government can accumulate to pay its bills. The first borrowing limit was enacted in 1917. Since 1962, Congress has raised the borrowing limit 77 times. A. The national debt actually reached the limit in May. [...] Treasury Secretary Jacob Lew has made accounting moves to continue financing the government without further borrowing. A default would occur if the government ... Read More

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