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flag US may default on debt by mid-July if debt ceiling isn't raised, warns Bipartisan Policy Center.

flag The Bipartisan Policy Center warns that the US could default on its debt as early as mid-July if Congress doesn't raise the debt ceiling. flag The exact date, known as the "X-Date," could be pushed to October depending on tax revenues. flag A default would severely impact US and global financial markets, and Treasury Secretary Janet Yellen has already warned that extraordinary measures may be needed to avoid it.

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