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Local government officials are pressing leaders in Washington to reach an agreement on raising the nation's debt ceiling. The price of failing to do so could be further economic hardship, according to statements from the Washington-based U.S. Conference of Mayors (USCM) and the National League of Cities (NLC).

President Obama and Republican leaders in Congress are still at loggerheads over raising the nation's $14.29 trillion debt ceiling to allow it to pay the government's bills. If the ceiling is not raised, the United States government could default on some of that debt, an unprecedented situation.