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Debt ceiling impasse likely to drag on into early June

The debt ceiling stand-off will probably now drag on into early June, setting up the prospect of a near-default before a bipartisan bill is finally passed by Congress, possibly only after a more serious bout of market turmoil. The risk of a formal debt default remains low but, by prioritising debt servicing, the Treasury may be forced to delay other payments at some point during the first two weeks of June.

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