News from MarketWatch:

By Kate Shepherd, Medill News Service

WASHINGTON (MarketWatch) — Federal Deposit Insurance Corp. Chairman Sheila Bair urged lawmakers on Thursday to raise the debt ceiling to avoid a government debt disaster, warning that global investor confidence in the U.S. is at stake.

Testifying before a House Financial Services subcommittee, Bair said investor confidence in the U.S. treasury is vital to “domestic and global financial stability and cannot be taken for granted”.

“Any signal to the contrary risks permanently destroying the inviolable trust that investors the world over have placed in this nation for more than two centuries,” she said. “I urge Congress to reaffirm this trust by committing to a responsible increase in the debt ceiling.”
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