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U.S. to exhaust borrowing power Aug. 2: Treasury

U.S. to exhaust borrowing power Aug. 2: Treasury (by Robert Schroeder)

WASHINGTON (MarketWatch) -- The U.S. government will run out of borrowing authority on Aug. 2, the Treasury Department reiterated Friday. The Treasury again urged Congress to raise the $14.3 trillion U.S. debt ceiling or face "the catastrophic economic and market consequences of a default crisis." President Barack Obama and congressional Republicans are trying to strike a deal to cut the deficit in exchange for lifting the borrowing limit.