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Congress is still haggling, and making little apparent progress, on raising America’s debt ceiling. We bumped our heads on that ceiling back in May and we are facing a technical default on our national debt on Aug. 2 if the debt ceiling isn’t raised. Both Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke have warned of economic catastrophe if that happens. I also read, a few months ago, warnings that the bond market could get spooked well before we reach doomsday if significant progress isn’t made.
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