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Massive $238 billion financial bailout 5 years ago ‘avoided catastrophe,’ only $3 billion has yet to be paid back: Treasury

The US Treasury said Wednesday the government’s massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system. In a report marking the anniversary of the bankruptcy of investment bank Lehman Brothers — which snowballed into the worst crisis since the 1930s…

Republicans fail to stop debt ceiling increase

WASHINGTON — The Democratic-led Senate on Thursday saw off a Republican bid to stop the US debt ceiling being raised, ensuring that the Obama administration has no repeat of last year’s borrowing stand off. The Republican motion was defeated with 52 voting against to 44 in favor, with government debt…