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Pressure on US at global economy meetings

October 12. 2013 2:36PM
Associated Press

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(AP) World finance officials are keeping pressure on the United States to resolve a troubling budget stalemate.

The impasse in Washington is threatening a market-rattling default on U.S. debt that would seriously threaten the global economy.

The World Bank and the International Monetary Fund are wrapping up three days of talks.

The IMF's policy-setting committee says the U.S. needs to take "urgent action" to address the stalemate.

America's borrowing authority is set to lapse on Thursday.

Financial officials are hopeful the crisis will settled in time.

Mario Draghi, the head of the European Central Bank, says he thinks it's "unthinkable that an agreement won't be found."

Associated Press

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