U.S. Senate rushes to advance debt limit increase, avoid default

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By Susan Cornwell and David Morgan WASHINGTON (Reuters) -The U.S. Senate on Thursday took a step toward passing a $480 billion increase in Treasury Department borrowing authority, a move that would avert a catastrophic debt default later this month but set up another partisan showdown in early December. Democratic Senate Majority Leader Chuck Schumer aimed to hold an important procedural vote on Saturday that could clear the way for passing the debt limit increase. That vote could come sooner if all 100 members of the Senate, which is evenly split between Democrats and Republicans, agreed to s…

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