Pressure on US at global economy meetings

AAA  Oct. 12, 2013 2:08 PM ET
Pressure on US at global economy meetings
By MARJORIE OLSTER and MARTIN CRUTSINGERBy MARJORIE OLSTER and MARTIN CRUTSINGER, Associated Press  

Ben Bernanke, chairman of the Federal Reserve, reads a newspaper before a meeting of the IMFC, during the World Bank/IMF Annual Meetings at IMF headquarters, Saturday, Oct. 12, 2013, in Washington. World finance officials prepared to wrap up three days of meetings in Washington, where fretting about the risk of an unprecedented U.S. debt default overshadowed myriad worries about a shaky global economic recovery. (AP Photo/Alex Brandon)

Ben Bernanke, chairman of the Federal Reserve, reads a newspaper before a meeting of the IMFC, during the World Bank/IMF Annual Meetings at IMF headquarters, Saturday, Oct. 12, 2013, in Washington. World finance officials prepared to wrap up three days of meetings in Washington, where fretting about the risk of an unprecedented U.S. debt default overshadowed myriad worries about a shaky global economic recovery. (AP Photo/Alex Brandon)

The IMFC meeting begins during the World Bank/IMF Annual Meetings at IMF headquarters, Saturday, Oct. 12, 2013, in Washington. World finance officials prepared to wrap up three days of meetings in Washington, where fretting about the risk of an unprecedented U.S. debt default overshadowed myriad worries about a shaky global economic recovery. ( AP Photo/Jose Luis Magana)

International Monetary Fund (IMF) Managing Director Christine Lagarde, speaks with Singaporean Minister for Finance Tharman Shanmugaratnam, who is also the chairman of the IMFC, before a meeting of the IMFC, during the World Bank/IMF Annual Meetings at IMF headquarters, Saturday, Oct. 12, 2013, in Washington. World finance officials prepared to wrap up three days of meetings in Washington, where fretting about the risk of an unprecedented U.S. debt default overshadowed myriad worries about a shaky global economic recovery. ( AP Photo/Jose Luis Magana)

International Monetary Fund (IMF) Managing Director Christine Lagarde, speaks with German Finance Minister Wolfgang Schaeuble during a group photo at IMF headquarters in Washington on Saturday, Oct. 12, 2013. Finance ministers and central bank officials from the Group of 20 nations are in Washington during the meetings of the 188-nation International Monetary Fund and its sister lending organization, the World Bank. ( AP Photo/Jose Luis Magana)

International Monetary Fund (IMF) Governors pose for a group photo in the front row from left, Governor, Bank of Algeria Mohammed Laksaci, Governor of the Bank of Russia Elvira Nabiullina, Deputy Prime Minister of Turkey Ali Babacan, Japanese Finance Minister Taro Aso, U.S. Federal Reserve Chairman Ben Bernanke, Luxemburg Financial Minister Luc Frieden, International Monetary Fund (IMF) Managing Director Christine Lagarde, Singapore Finance Minister Tharman Shanmugaratnam, German Finance Minister Wolfgang Schaeuble, South Korean Finance Minister Yoon Jeung-Hyun, Indian Finance Minister Chidambaram, Minister of Economy of Gabon Luc Oyoubi and Governor of the Bank of Mexico Agustín Carstens, at IMF headquarters in Washington on Saturday, Oct. 12, 2013. Finance ministers and central bank officials from the Group of 20 nations are in Washington during the meetings of the 188-nation International Monetary Fund and its sister lending organization, the World Bank. ( AP Photo/Jose Luis Magana)

WASHINGTON (AP) — World finance officials are keeping pressure on the United States to resolve a troubling budget stalemate.

The impasse in Washington is threatening a market-rattling default on U.S. debt that would seriously threaten the global economy.

The World Bank and the International Monetary Fund are wrapping up three days of talks.

The IMF's policy-setting committee says the U.S. needs to take "urgent action" to address the stalemate.

America's borrowing authority is set to lapse on Thursday.

Financial officials are hopeful the crisis will settled in time.

Mario Draghi, the head of the European Central Bank, says he thinks it's "unthinkable that an agreement won't be found."

Associated Press



Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-10-12-Global%20Economy/id-9f644fd62cab40f38f50674c6bad67ee
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