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Biden Says Republicans Holding US Economy 'Hostage'

US President Joe Biden said Republican lawmakers are holding the US economy 'hostage' by refusing to pass a debt limit increase unless he first agrees to 'draconian' budget cuts.
The Biden administration says funds will run out as early as June 1 if the extension -- an annual accounting maneuver that usually passes with little debate -- doesn't happen, triggering national debt default.
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