National

Oct 13, 2013 10:07 AM by Jeff Langan

Hope remains for global recovery beyond US impasse

WASHINGTON (AP) - A weekend meeting of global financial leaders has ended with some hope over signs that the U.S. and European economies are pulling out of long slumps after much fretting about the possibility of a U.S. debt default.

During 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 warns he'll exhaust his borrowing authority Thursday and the government will face the prospect of defaulting on its debt unless Congress increases the $16.7 trillion borrowing limit.

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