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Debt Feud in U.S. Singled Out as Global Growth Threat by G-20

Finance chiefs singled out the U.S.’s fiscal fight as the most pressing threat to the global economy as they urged lawmakers to find a resolution quickly and avoid a destabilizing default of the world’s benchmark debt.

With President Barack Obama and Republican lawmakers trying to end an impasse that has partially closed the government since the beginning of the month, Group of 20 central bankers and finance ministers yesterday urged “urgent action” to end the deadlock. The concern, expressed by officials from China to Europe at talks in Washington, is that the lack of a deal would shake markets and risk provoking a worldwide recession.