IMF Chief Warns of Decrease of Dollar with Due to Us Debt
by The US Dollar may decline if something is not done about the debt in the US.
Due to the high amount of debt that the US is in (currently over $54 Trillion), IMF chief IMF Christine Lagarde warns that failure to recover from such a huge debt will soon raise “doubts” about the dollar’s status as the world’s prime reserve currency.
In Washington, a Republican plan to cut the budget deficit stumbled toward a vote in Congress on Thursday and its expected demise could force a compromise to avert an imminent and unprecedented debt default by the world’s largest economy.
With the measure short of as many as four votes, according to aides, the Republican-led House of Representatives abruptly delayed a vote as Speaker John Boehner struggled to overcome objections from conservative rebels in his own party.
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