Glenn Sommerville
June 30, 2011

The International Monetary Fund on Wednesday pressed U.S. lawmakers to quickly lift the government’s borrowing limit to avoid a “severe shock” to global markets and a still-fragile economic recovery.

In an annual review of the U.S. economy, the IMF said the key challenge for the country is finding a way to stabilize its debts by mid-decade without derailing growth, which is likely to remain modest for some time.

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“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 in a statement.

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