Wednesday, June 29, 2011

IMF urges US to raise debt limit



US President Barack Obama

Source: Press TV
http://www.presstv.ir/detail/186839.html

The International Monetary Fund (IMF) has urged US lawmakers to swiftly increase the country's debt limit to avoid a severe shock to a still fragile economy.

In its annual review of the US economy, the IMF on Wednesday stated that the country's growing national debt is unsustainable, Reuters reported.

It further urged the US to increase its existing USD 14.3 trillion borrowing limit by August 2 in order to avoid a default on its loans.

"And of course, the federal debt ceiling should be raised expeditiously to avoid a severe shock to the economy and world financial markets," the IMF said.

Moreover, the IMF suggested that spending cuts and tax increases should be part of the plan.

Republicans and Democrats, however, are currently at odds on how to deal with the matter. So far, little willingness has been shown on either side to faster reach an understanding.

During a press conference on Wednesday, US President Barack Obama predicted that a deal with the Republicans would soon be reached.

Meanwhile, according to a report released on Wednesday, the US has so far spent at least USD 3.7 trillion in its wars in Afghanistan, Iraq and Pakistan. And it might end up spending as much as USD 4.4 trillion.

The report also questioned what the US has gained from this multi-trillion dollar investment.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab