President Barack Obama is dialing up the pressure on talks to approve an increase in the government’s debt ceiling . The President is seeking bipartisan approval to raise the current debt limit of $14.3 trillion to avoid the need to cut services and spending to which currently threatens to exceed the cap.
The agreement must be in place by August 2nd. Failure to reach a deal by that date could result in a default on upcoming debt obligations according to the Treasury Department.
Source: Bloomberg 
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