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Louis R. Chenevert

As U.S. hits debt limit, business group urges Congress to raise it

As U.S. hits debt limit, business group urges Congress to raise it

WASHINGTON -- As the U.S. hit its debt limit on Friday, a leading business group urged Congress to act quickly to raise it to avoid damaging the economy.

The Business Roundtable sent a letter to House and Senate leaders Thursday night warning that "urgent action is required" to prevent a potential default as the Treasury Department was set to begin so-called extraordinary measures to extend the nation's borrowing authority.

"Any default by the federal government on its debts would cause devastating, long-lasting effects for all Americans," wrote AT&T Inc. Chief Executive Randall Stephenson, the group's chairman, and United Technologies Corp. Chief...

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