IMF chief urges U.S. to crack debt limit problem

08:49, August 01, 2011      

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The United States should solve the debt ceiling problem in a timely manner to avoid negative global repercussions, IMF Managing Director Christine Lagarde said on Sunday.

"I am worried," the IMF chief said about the U.S. debt ceiling negotiation stalemate in an interview with CNN aired on Sunday.

The United States is the largest economy in the world, and the U.S. debt ceiling issue has big global spillover effects, Lagarde added.

With an Aug. 2 deadline approaching, U.S. policymakers are struggling to find a compromise plan on how to raise the nation's debt ceiling and cut spending.

The U.S. federal government's borrowing limit, currently at 14. 29 trillion U.S. dollars, was reached on May 16. The Treasury Department said the nation would begin to default on its debts unless Congress agreed to lift the limit by Aug. 2.

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