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World Bank Head Jim Yong Kim Warns US Is ‘Five Days Away From A Very Dangerous Moment’ Because of the Gov't’s Borrowing Crisis

Sunday, October 13, 2013 11:34

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World Bank chief Jim Yong Kim warned on Saturday that the United States was headed toward peril as politicians failed again to resolve the shutdown standoff
The US and world economies face higher interest rates, falling confidence and slower growth if the US Congress does not raise the $16.7 trillion borrowing cap, Kim said

**By JAMES NYE * MAIL ONLINE**

The president of the World Bank on Saturday warned the United States was just ‘days away’ from causing a global economic disaster unless politicians come up with a plan to raise the nation’s debt limit and avoid default.

‘We’re now five days away from a very dangerous moment. I urge U.S. policymakers to quickly come to a resolution before they reach the debt ceiling deadline…Inaction could result in interest rates rising, confidence falling and growth slowing,’ World Bank President Jim Yong Kim said in a briefing following a meeting of the bank’s Development Committee.

‘If this comes to pass, it could be a disastrous event for the developing world, and that will in turn greatly hurt developed economies as well,’ he said.

The alarming remarks from the Korean-American came after three days of talks revolving around meetings of the 188-nation International Monetary Fund and its sister lending agency, the World Bank, top officials pressed the U.S. to resolve the political impasse over the debt ceiling.

The standoff has blocked approval of legislation to increase the government’s borrowing limit before a fast-approaching Thursday deadline.

U.S. Treasury Secretary Jacob Lew has warned that he will exhaust his borrowing authority Thursday and the government will face the prospect of defaulting on its debt unless Congress raises the $16.7 trillion borrowing limit.

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