European Central Bank President Christine Lagarde said Sunday that it is 'not possible' that the United States would default on its debt as Congress faces a fast-approaching deadline to address the debt ceiling.
in January, forcing the Treasury Department to begin employing"extraordinary measures" to keep paying the bills.
Largarde said she has"huge trust" in the U.S., and urged the two sides to break the logjam and work to find consensus on a plan to address the debt ceiling. A default by the U.S. on its debt obligations would be catastrophic and unprecedented, and Democrats have accused their Republican colleagues of irresponsibly playing games with the economy. But GOP lawmakers have warned that a failure to curb government spending puts the economy in jeopardy and said cuts are needed to bring down inflation.
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