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As Summer Begins, Debt Ceiling, Budget Issues Loom

In the coming weeks and months, the highest priority for Congress and the Trump Administration will be to find a resolution to the stalemate on the U.S. debt ceiling, which was hit last March. Congress and the Administration must break the impasse by raising the ceiling before about August or September, at which time the government is expected to run out of money.

In addition to scaling that fiscal cliff, they must agree to a budget for the new fiscal year and avoid $120 billion in automatic spending cuts under the sequestration process. Without a budget deal, mandatory cuts will kick in.

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