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"This is a shared responsibility": Yellen urges Congress to raise debt limit with GOP support

Treasury Secretary Janet Yellen urged Congress on Monday to pass a bipartisan resolution to raise the amount of money the U.S. government can borrow, saying failing to increase the debt ceiling so would "cause irreparable harm" to the economy.

Why it matters: Republican lawmakers, led by Senate Minority Leader Mitch McConnell (R-Ky.), have threatened to refuse to vote for raising the debt ceiling, which came back into force on Aug. 1.

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