11:07 ET<\/span><\/span><\/p>\nThe International Monetary Fund has warned that the US debt burden is on an “unsustainable trajectory”.<\/p>\n
But the IMF said the US must avoid a sharp correction in order to protect its fragile economic recovery.<\/p>\n
The IMF report forecast economic growth of 2.5% this year and 2.7% in 2012, which is below the Federal Reserve’s own estimate of 3.3% next year.<\/p>\n
“The [US] recovery has proceeded at a relatively slow pace… and has recently weakened,” the IMF said.<\/p>\n
The US budget deficit is projected to reach $1.4 trillion this year, above last year’s $1.29 trillion gap and just below a record $1.41 trillion reached in 2009.<\/p>\n
In its annual review of the US economy, the IMF urged Washington to reach a swift agreement on a deal to raise the government’s borrowing limit.<\/p>\n
The Obama administration and Congress are locked in negotiations over making budget cuts before approval is given to raise the debt ceiling.<\/p>\n
The US Treasury already has reached the existing $14.3 trillion legal limit on the nation’s debt and needs to raise the debt ceiling by 2 August to avoid a default.<\/p>\n
Failure to agree a debt limit deal would cause a “severe shock” to the economy, the IMF said, and could lead to a downgrade in the country’s coveted AAA debt rating and send interest rates soaring.<\/p>\n
“These risks would also have significant global repercussions, given the central role of US Treasury bonds in world financial markets,” the IMF said.<\/p>\n<\/div>\n
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