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 Taking the Threat of Default Out of the Debt Limit

Secretary Geithner indicated that the Obama Administration supports extending the “McConnell Provision” regarding the debt limit -- a part of last year’s Budget Control Act -- which would lift the periodic threat of default from the U.S. economy and remove politics from future debt limit debates, while preserving Congress’ essential role in spending, revenue and borrowing decisions. Learn more about how this provision works on Treasury Notes. ​​​
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Last Updated :12/21/2012 11:33 AM

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