IMF head: Failure to raise U.S. debt ceiling would be worse than shutdown
The head of the IMF has warned that failure to raise the U.S. debt ceiling would pose a bigger threat to the global economy than the current U.S. government shutdown.
Speaking ahead of the fund's annual meeting in Washington next week, Christine Lagarde said that the U.S. government needed to fix its finances for the long term.
Unless the debt ceiling is raised, Washington will run out of cash to pay its bills on October 17th which the U.S. Treasury says could lead to a financial crisis as bad as 2008 or worse.
The shutdown, set to enter its fourth day, has left more than 700-thousand federal employees on unpaid leave and closed national parks, office buildings and government websites.
Reporter : firstname.lastname@example.org