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Debt default could shake global economy

A U.S. debt default in the event that a politically divided Congress fails to raise the federal borrowing limit would imperil the entire global economic recovery, a senior International Monetary Fund official warned Wednesday.

By Marjorie Olster | Updated on October 09, 2013

WASHINGTON (AP) — A U.S. debt default in the event that a politically divided Congress fails to raise the federal borrowing limit would imperil the entire global economic recovery, a senior International Monetary Fund official warned Wednesday.

But Jose Vinals, the IMF’s financial counselor, said he sees the actual risk of such a default as very low.

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