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Debt Ceiling Clash Revives Dispute Over Paying Bondholders First
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The latest fight over raising the federal debt limit has renewed a debate over whether the government should pay some bills and delay others if the White House and Congress fail to raise the cap before it is breached.
Some Republicans say the Treasury Department can and should give priority to paying holders of U.S. government securities to prevent a default on the debt and to minimize any harm to the financial system. That would mean delaying payment of other government obligations, such as bills for transportation, agriculture and education programs.
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