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Schumer Warns Congress Must Pass a Debt Ceiling Increase by End of Week

Lawmakers “do not have the luxury of waiting” until Oct. 18, he argued

Senate Majority Leader Chuck Schumer warned Monday that Congress must pass legislation raising the debt ceiling by the end of the week to avoid defaulting on the nation’s debt.

The New York Democrat wrote in a letter to Senate Democrats that lawmakers "do not have the luxury of waiting" until Oct. 18, the date that Treasury Secretary Janet Yellen has said the government will likely exhaust its extraordinary measures to keep the debt limit suspended.

"The consequences of even approaching the X date could be disastrous for our economy and devastating to American families, raising the costs of borrowing for average Americans and hampering our economic recovery over the long-term," Schumer said.

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