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U.S. CBO sees debt default in Oct or Nov if no debt limit hike

Kitco News

WASHINGTON, July 21 (Reuters) - The U.S. Treasury Department is likely to be unable to pay its bills and provide funding for certain benefit programs sometime in October or November unless Congress approves legislation extending the agency’s statutory borrowing authority, the non-partisan Congressional Budget Office forecast on Wednesday.

"If that occurred, the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both," the CBO said.

Reporting by Richard Cowan Editing by Chris Reese

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