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As GOP obstructs, Biden escalates warnings of default

October 6, 2021


President Joe Biden is escalating his campaign to get Congress to lift the federal debt limit, hosting business leaders at the White House Wednesday and warning in a new report that failure to extend the government’s borrowing authority could set off a global financial crisis.

The moves come amid indications Democrats may change Senate filibuster rules to get around Republican opposition.

Biden will host a number of CEOs — including the heads of banks like Citi, JP Morgan Chase and Bank of America — to underscore the severe ramifications if the government runs out of money to cover its bills.

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