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US risks "severe shock" over debt talks
The fund used its annual healthcheck on the world's biggest economy to spell out the dangers of failure, which would likely include the US government defaulting on its debt for the first time in its history. "It should be self-evident a debt default by the US government would have very serious, far-reaching and dramatic repercussions," said John Lipsky, the IMF's acting managing director. "That's why were are confident it will be avoided." Republicans and Democrats have been locked in tense negotiations for the past month on how to raise the country's $14.3 trillion (£8.9 trillion) debt ceiling, which the Treasury ... (full story)
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