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Good morning, US politics blog readers. The US government is expected to today hit the legal limit on how much debt it can accrue to pay its bills, but the immediate consequences will be more political than economic. The treasury says it should have enough cash on hand to settle bills for everything from interest payments to government workers’ salaries till about June, but Congress will need to agree on increasing the limit if the world’s largest economy is to avoid defaulting on its debt for the first time in its history.
