News Summary: IMF urges US to raise debt ceiling

(AP) - YOU'VE BEEN WARNED: The International Monetary Fund chief warned the United States on Thursday that failure to raise the debt ceiling could do deep damage to both the American and global economies.

THE BOSS: IMF chief Christine Lagarde, kicking off an annual meeting of global financial advisors, urged the U.S. to get its "fiscal house" in order, referring to the deadlock over passing spending bills and raising the debt limit. She said failure to do so would hurt both the U.S. economy and have a spillover effect on others.

YO EUROPE: She said the global economy is in a slow and unbalanced recovery and urged Europe to clean up its banking problems and forge ahead with a banking union.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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