Debt Ceiling Deadline Looms

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President Obama has stated it clearly, and his Treasury Department backs him up: The federal government will run short of money to pay its bills one week from Tuesday. Some financial firms say there could be more time. Barclays, UBS and Wells Fargo say extra tax revenues coming in could give the government a few more days. But all acknowledge time is short — with the House and Senate now preparing to vote on competing plans to raise the federal debt ceiling.

STEVE INSKEEP, host:

NPR's business news starts with a debt ceiling deadline.

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INSKEEP: President Obama has stated it clearly, and his Treasury Department backs him up: The federal government says it will run short of money to pay its bills on August 2nd, one week from today, unless Congress raises the debt ceiling to allow more borrowing.

Some financial firms, though, say there could be a little bit more time. Barclays, UBS and Wells Fargo, according to the Washington Post, all say extra tax revenues coming in unexpectedly could give the government a few more days to avoid default. But all acknowledge that time is short - with the House and Senate now preparing to vote on competing plans to raise the federal debt ceiling.

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