WASHINGTON (AP) - The International Monetary Fund warned U.S. lawmakers Wednesday that a failure to raise America's borrowing limit would pose serious risks to the global economy and financial markets.
The U.S. last month reached its $14.3 trillion borrowing limit. The U.S. Treasury has said that it can keep the country operating for a couple months by employing various bookkeeping maneuvers. But if Congress doesn't raise the borrowing limit by Aug. 2, Treasury Secretary Timothy Geithner has said the country will default on its debt.