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The federal debt limit is once again on autopilot. Facing the dilemma of raising the debt limit so that the federal government can borrow more money or allowing the government to default on its obligations and possibly shut down, Congress passed in February, and, while on a weekend golf vacation in Southern California, President Obama signed into law, a stand-alone bill (S. 540) to suspend the debit limit through March 15, 2015 — that is, after a new Congress has settled in following the upcoming November election....
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