Lagarde on state of world economy, look ahead to World Bank, IMF meetings

The head of the International Monetary Fund (IMF) has warned that if Congress fails to raise the US debt ceiling the consequences could be severe not just for the American economy but for the global economy as well. IMF Managing Director Christine Lagarde said on Thursday that the ongoing political uncertainty in the US over the federal government shutdown is bad enough - and that a failure to raise the government's borrowing limit when the current maximum is reached later this month would be far worse. Lagarde called it "mission-critical" that the fight over the debt ceiling be resolved as soon as possible. Her remarks came in a speech at George Washington University in which she previewed next week's meetings of the IMF and World Bank. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/86ac96deae89a1cac37ff650e07b2306 Find out more about AP Archive: http://www.aparchive.com/HowWeWork