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U.S. Treasury warns of catastrophic effects if debt ceiling isn’t raised

A US default on its obligations forced by Congress not raising the country’s borrowing ceiling would have catastrophic effects, the Treasury warned Thursday. With the government likely to exhaust its cash reserves around October 17, the Treasury said being forced into non-payment of any of its obligations — and in…

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…

Mortgage-backed securities that brought about the financial crisis earned the U.S. Treasury $25 billion

The US Treasury said Monday it had earned $25 billion from investments it made in mortgage-backed securities during the height of the financial crisis in 2008-2009. Announcing the completion of its disposal of its position in the securities, which were at the center of the meltdown of the financial system,…

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