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What to know about the debt ceiling debate as a government shutdown looms in Washington

  • A debate over the debt ceiling is causing a potential federal government shutdown in Washington.
  • President-Elect Donald Trump stated that raising the nation’s debt limit is necessary to avoid a shutdown, calling anything else a betrayal of the country.
  • Congress suspended the nation’s debt limit through Jan. 1, 2025, which means it must be raised to prevent a default.
  • Treasury Secretary Janet Yellen warned that not raising the ceiling could lead to catastrophic consequences.
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