Senate leaders were meeting last night in a desperate attempt to resolve the stalemate over the US debt ceiling amid warnings of a global recession should the US run out of money to pay its debts.
With just four days left before the country faces the risk of default, Christine Lagarde, the managing director of the International Monetary Fund, warned that if the debt ceiling, which will be reached at midnight tomorrow, is not lifted, the global economy would be disrupted.
“We would be at risk of tipping, yet again, into recession,” Ms Lagarde told NBC.
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