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Proposal to raise government borrowing limit by $2.5tn passes both chambers just before deadline
Bill would stave off default and government shutdown that threaten to ‘eviscerate’ economic recovery
Several Republicans threatened to refuse funding in protest against Covid rules for businesses
Clock is ticking for Democrats to pass $1.75tn spending bill, avert a government shutdown and avoid default
President’s legislative victories are being overshadowed by concern over rising prices
Democrats face tough trade-offs as they try to winnow ambitious package to please centrists
Upper house of Congress passes stop-gap measure to stave off threat of a default
Lawmakers are hurrying to prevent an unprecedented crisis. Here’s how they might do it
President warns dollar could lose its status as global reserve currency without deal
Progressives say they are willing to lower cost of $3.5tn package of measures that has split party
By invoking the country’s $28 trillion debt, they can cast the Democrats as profligates
Yields jump for bonds maturing after October date when government funds could run out
Even if short-term crisis is averted, limit on borrowing merits reform
Nancy Pelosi hints votes are not yet there for spending bill as deadline to avoid government shutdown looms
US president’s popularity is falling amid a party split over economic policy and a looming government shutdown
Bill faces uphill battle in Senate as Republican opposition risks escalating fiscal crisis
Once-routine lifting of federal borrowing limits becomes political tool that risks sovereign default
Letter to congressional leaders comes as White House worries about possibility of debt default
To value US sovereign debt, think about what it buys
US Treasury secretary urges Congress to fund $4.1tn investments with higher levies on wealthy
Lawmakers in affluent districts set to push back given the party has built a wealthy support base
Former treasury secretary criticises the scale of Biden’s fiscal policy and warns it could lead to overheating and wasted resources
Many obstacles stand in the way of the president’s infrastructure bill
But Republicans and Democrats disagree about how to fund spending
The $1.9tn bill both reveals and reinforces a new enthusiasm for the state
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