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Top stories of the summer

Debt ceiling crisis The debate in Congress over increasing the debt ceiling and cutting government spending went on for weeks in late July under the looming threat of federal default. A government default, the failure to pay interest on national debt, could have caused interest rates connected to treasury securities, such as those on mortgage and car loans, to rise and many people would have been temporarily denied government services. The crisis was resolved when the bill to raise the debt ceiling was passed by the House of Representatives on Aug. Read more