Republicans walked out of budget talks on Thursday, setting up a showdown between President Barack Obama and House Speaker John Boehner over how to extend U.S. borrowing and avoid a looming debt default.
An agreement would give lawmakers political cover to raise the $14.3 trillion debt ceiling before August 2, when the Treasury Department has said it will run out of money to pay the country's bills.
Default could occur if Congress does not act by then, which could push the United States back into recession and send markets plunging around the globe.
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