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The US treasury secretary has issued a stark warning about the risks of government's debt default for the global economy. Jack Lew said a US default will have serious economic repercussions which include what he called deep damage to the world's financial markets. His comments come a week before a deadline to raise the U-S borrowing limit, also known as the debt ceiling. Lew urged the U-S congress to meet its responsibility so that the country will not face a debt default. Lew said if Congress does not act, the U-S government cannot pay its bills, which will have very serious consequences. Meanwhile, a similar warning has also come from the I-M-F chief, Christine Lagarde about the consequences of a U-S debt default.