IMF’s Lagarde Says Raising U.S. Debt Ceiling Critical

International Monetary Fund Managing Director Christine Lagarde said it’s “mission-critical” for the U.S. to raise its $16.7 trillion debt ceiling, warning policy makers that failure to do so would seriously hurt the country and the world.

The first face-to-face talks between President Barack Obama and congressional leaders failed to break the budget logjam as a partial U.S. government shutdown entered its third day, raising the prospect of a prolonged standoff extending to the borrowing limit.