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Debate begins in earnest as US hits debt limit

Thursday, 19 May 2011 00:00 - - {{hitsCtrl.values.hits}}

Debt limit of 14.29 trillion reached, but no immediate impact
Focuses attention on country’s fiscal problems as total US debt tops $ 55 trillion
Bond markets expect default not likely

WASHINGTON (Reuters) - The United States will reach the limits of its borrowing authority on Monday, but don’t expect to hear alarm bells in Washington or on Wall Street.