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Sen. Bennet Gets Warning Letter From Treasury Secretary

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Sen. Michael Bennet (credit: Doug Pensinger/Getty Images)

Sen. Michael Bennet (credit: Doug Pensinger/Getty Images)

DENVER (CBS4) – The U.S. treasury secretary says failure by Congress to raise the national debt ceiling would ruin the nation’s economy.

The warning came in a letter to Colorado Sen. Michael Bennet. In the letter, Timothy Geithner states, “This would be an unprecedented event in American history.”

Geithner says a default would inflict catastrophic, far-reaching damage on the nation’s economy, significantly reducing growth and increasing unemployment.”

Geithner says the U.S. could reach its current $14.3 trillion debt limit as early as Monday. There is bickering between Democrats and Rrepublicans over conditions for raising the debt ceiling.

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