IMF wants US to raise debt ceiling and cut spending
The International Monetary Fund (IMF) has called on US to act urgently to raise the country's debt ceiling. They also called for a solution to reduce the US deficit over the medium term.
The US risks default on its £8.7tn debt without a deal to raise the borrowing limit by 2 August.
"These risks would also have significant global repercussions, given the central role of US Treasury bonds in world financial markets," the IMF said.
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