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Treasury Department cancels debt sale

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The U.S. Department of the Treasury canceled its sale of two-year debt slated for next week due to fears Congress won’t act in time to raise the debt ceiling, CNNMoney reported. The department specifically cited “debt ceiling constraints” caused by the current “impasse” in Washington. The two-year note sale was scheduled for Oct. 27. Last week the Treasury Department said it estimates that “no later than” Nov. 3, it is likely to exhaust special accounting measures that are keeping the country’s debt below its legal limit. If Congress doesn’t act by then, it puts the department at risk of defaulting on many of its legal obligations.