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US debt crisis: could default on August 2

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Published on May 17, 2011

The United States this week maxed out its credit limit. American debt has reached US$14.3 trillion and it cannot legally spend any more unless Congress raises the debt ceiling. If it does not do this, US will begin defaulting on the debt as of August 2. Both Republicans and Democrats are blaming each other for the debt. Actually, they are both right: Both Republicans and Democrats are responsible for the fix the US is in.


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