Congress closer to precipice of US default

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Markets opened on Wednesday with no firm plan from Washington on raising the $16.7 trillion debt ceiling less than 24 hours before the Treasury Department’s deadline for a possible default. Investors, however, were buoyed by hopes of a last-minute deal, with stocks up 1 percent in early trading

House GOP leaders canceled a planned vote because of objections from rank-and-file conservatives just hours after Fitch criticized “political brinkmanship” in warning of a possible downgrade for the U.S. credit rating.

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