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US faces potential default on January 2, as debt ceiling reinstates without a finalized plan.
The US debt ceiling, set to be reinstated on January 2, 2025, will require the Treasury to use cash and extraordinary measures to avoid default.
A default could delay Social Security benefits and payments to federal employees and the military, causing economic and market turmoil.
House Republicans are considering a plan to raise the debt limit by $1.5 trillion and cut spending by $2.5 trillion, but this has not been finalized.
4 months ago
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