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Minority Leader Mitch McConnell with Senate Republicans

A report released by Moody's Analytics on September 21 warns that failure to raise the ceiling on the U.S. national debt and to renew the spending authority of the U.S. Treasury when it expires on September 30 will lead to a default that "would be a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic."

Senate Republicans on Monday night blocked the bill that would fund the government and raise the debt ceiling, bringing the United States to the brink of both a government shutdown and an economic recession.

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