BUSINESS

IMF: U.S. Must Quickly Raise Debt Ceiling, Get Debts In Order

07/25/2011 12:06 pm ET | Updated Sep 24, 2011

The International Monetary Fund warned on Monday the United States must raise the debt ceiling quickly and get its debts under control for the sake of the global economy.

The IMF's urging came as part of a review of U.S. economic prospects in which it concluded a slow-paced recovery can continue with some fiscal tightening but stressed that public debts were a concern.

"Directors (on the IMF board) highlighted the urgency of raising the federal debt ceiling and agreeing on the specifics of a comprehensive medium-term consolidation program," the IMF said as efforts continued between the Obama administration and lawmakers to craft some plan to avoid a potential U.S. debt default.

(Reporting by Glenn Somerville and Mark Felsenthal; Editing by Andrea Ricci)

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