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White House warns hitting debt limit could cause recession By Reuters

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© Reuters. FILEPHOTO: This is a general view of Washington, U.S. July 15, 2020. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) – The White House warned on Friday that a failure by the U.S. Congress to extend the debt limit could plunge the economy into a recession and could lead to cuts in critical state services.

The White House released a statement saying that the economy would slow, there would be more unemployment, and millions could go unemployed.

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