Posted: Oct 12, 2013 1:50 AM
Updated: Oct 12, 2013 1:50 AM
WASHINGTON (AP) World finance officials are preparing to wrap up three days of meetings in Washington, where fretting about the risk of an unprecedented U.S. debt default overshadowed myriad worries about a shaky global economic recovery.
Finance ministers and central bank chiefs from the Group of 20 major economies urged the U.S. on Friday to take urgent action to resolve the political impasse that has partially shut down the government and delayed passage of a bill to raise the debt ceiling.
If Congress fails to increase the borrowing limit by Thursday, the U.S. could default on its debt payments and cause serious turmoil in world markets and economies.