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Published: Thursday, 7/28/2011

U.S. may unveil post-Aug. 2 plan as soon as Friday


WASHINGTON — The U.S. Treasury will unveil a plan as soon as Friday evening on how the government will function and pay its bills if it looks like Congress will not raise the debt ceiling in a timely manner, an administration official said Thursday.

Republican and Democratic lawmakers are scrambling to broker a deal to raise the country’s $14.3 trillion debt cap before Tuesday, when the U.S. Treasury will no longer be able to borrow funds to meet all of its obligations.

The administration official said the timing of Treasury’s announcement depends on whether Congress is making progress to raise the debt ceiling.

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