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By Clive Crook
Published: May 22 2011 19:53 | Last updated: May 22 2011 19:53
A week ago on Monday the US government hit its statutory debt ceiling of $14,300bn. With outlays running vastly in excess of income, it began "extraordinary measures" to prevent the limit being breached. Until the beginning of August, according to the Treasury, the government can shuffle accounts, for instance by suspending payments to federal retirement and disability funds, so that its debts to third parties stop rising. But on August 2, says the administration, those options run out and there is "no plan B". The government defaults.
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