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Biden: Leaders know they need to act on the debt limit

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Speaking from the White House

Biden meet with business leaders on debt ceiling

  • Raising the debt limit is about paying what we owe
  • Raising the debt limit should be bipartisan
  • Senate Republicans are threatening to stop the debt limit increase by using the filibuster
  • Trump needed to raise the debt limit three times and Democrats supported the increases
  • Defaulting on the debt will happen after October 18
  • Defaulting on debt risks the market taking and would likely lead to a lowering of the US credit rating

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