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Australia approaches federal debt limit: report
The federal government could be just four months away from breaking through a $250 billion limit on commonwealth debt, as Canberra ramps up its borrowing to cover this year's growing budget deficit, according to The Australian. The newspaper reports that the Gillard government has been borrowing about $700 million each week in recent months, bringing its total debt load to $238.1 billion as of last week. If the government continues on the same trajectory, it could be forced to raise the debt ceiling in about 18 weeks, after lifting the limit from $200 billion to $250 billion less than a year ago.
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