US Fed warns of ‘severe damage’ if senators allow debt default

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Washington (AFP) – The chairman of the US Federal Reserve called on lawmakers to raise the nation’s borrowing limit urgently on Wednesday, warning that failure to pay government debts would do “severe damage” to the economy. “It’s just very important that the debt ceiling be raised in a timely fashion so the United States can pay its bills when it comes due,” Jerome Powell said as the central bank concluded its September meeting. Failure to pay, he added, is “just not something we can contemplate.” Powell’s admonition came after six former US Treasury secretaries also urged the Senate to overc…

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