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Ex-Obama official: No quick resolution to government shutdown

A pedestrian passes in front of the closed

(Credit: Bloomberg News)

A former Obama administration official now with Citigroup said Monday that he doubted the federal budget impasse would be settled by the Oct. 17 "deadline" but that an agreement was likely by Nov. 1, when the government would be unable to pay many important bills.

Peter Orszag, Citigroup's vice chairman of corporate and investment banking, said after a speech at Adelphi University that,...

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