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IMF warns U.S. must not fail to raise debt ceiling

By Marjorie Olster

Associated Press

Published: Thursday, Oct. 10 2013 9:17 a.m. MDT

International Monetary Fund (IMF) Managing Director Christine Lagarde waits for the start the International Monetary and Financial Committee meeting during the World Bank IMF Spring Meetings in Washington, Saturday, April 20, 2013.

Associated Press

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WASHINGTON — The International Monetary Fund chief says the global economy is in a slow and unbalanced recovery.

Christine Lagarde heads the IMF. Lagarde warned Thursday that U.S. failure to raise the debt ceiling because of impasse over the government shutdown would seriously damage the American as well as the global economy.

Lagarde also says Europe needs to clean up its banks and forge ahead with a banking union.

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