Official Says that U.S. Debt Limit Set for August 2nd

An official from the Obama administration announced that they need to raise the legal limit on U.S. borrowing and that the deadline is August 2nd. Some Republicans have an idea that there’s a possibility that the Treasury can pay the bills after the date by other means, but the official said the debt ceiling was likely to keep up if that happened.

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U.S. official says Aug. 2 debt-limit deadline firm