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Debt ceiling deadline looms over US Congress

Updated: 2013-10-08 07:18
By Agencies in Washington ( China Daily)

As the US government moved into the second week of a shutdown on Monday with no end in sight, a deadlocked US Congress also confronted an Oct 17 deadline to increase the nation's borrowing power or risk default.

The last big confrontation over the debt ceiling, in August 2011, ended with an eleventh-hour agreement under pressure from shaken markets and warnings of an economic catastrophe if a default were allowed to occur.

A similar last-minute resolution remained a distinct possibility this time as well.

Debt ceiling deadline looms over US Congress