360° Coverage : World Bank warns US of 'dangerous moment' ahead

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World Bank warns US of 'dangerous moment' ahead
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World Bank warns US of 'dangerous moment' ahead

Oct 13 2013, 12:06am CDT | by IANS

Washington, Oct 13 (IANS) As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

Washington, Oct 13 — As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of...

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50 weeks ago

World Bank warns US of 'dangerous moment' ahead

Oct 13 2013, 12:06am CDT | by IANS

Washington, Oct 13 (IANS) As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

Washington, Oct 13 — As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

"We are now five days away from a very dangerous moment," Kim said Saturday referring to the looming Oct 17 deadline when the US Treasury says it would hit the country's $16.7 trillion borrowing limit and run out of cash to pay its bills.

Urging US policymakers to quickly come to a resolution before they reach the debt ceiling deadline, he said "the closer we get to the deadline, the greater the impact will be for the developing world."

"Inaction could result in interest rates rising, confidence falling, and growth slowing," he said at the close of the annual World Bank-International Monetary Fund annual meetings here.

"If this comes to pass, it could be a disastrous event for the developing world, and that in turn will greatly hurt the developed economies as well," he said urging "US policymakers to avert this potential crisis."

Meanwhile, as the government shutdown headed into its 13th day, House Republicans said that their negotiations with Obama have stalled with the White House rejecting their latest proposal to raise the debt limit for a short term in return for talks on the budget.

Obama has said he doesn't want to begin long-term budget negotiations with congressional Republicans until the debt limit is raised and the government is re-opened, something the House Republicans have not agreed to so far.

After a House Republican Conference Saturday to mull the path forward, the 2012 Republican vice presidential candidate the House Budget Committee chairman. Paul Ryan, said there was "no deal as far as we're concerned."

The breakdown of talks dashed hopes of an early resolution of the crisis after two days of back and forth talks between the two sides amid signs of a thaw.

Meanwhile, in the Senate, Republicans blocked on a 53 - 45 vote a Democratic proposal that aimed to lift the debt ceiling through the end of 2014 without any spending offsets.

The White House condemned Republicans' rejection with press secretary Jay Carney saying, "It is unfortunate that the common sense, clean debt limit increase proposed by Senate Democrats was refused a yes or no vote today."

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

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6 days ago

'Growth and Comfort Never Co-Exist': Clinton Global Initiative Panelist

Sep 22 2014 7:40pm CDT | Source: Forbes Real Time

New York City (Kitco News) - Former U.S. Secretary of State Hillary Clinton opened Monday's 10th annual Clinton Global Initiative program, hosting a discussion with World Bank Group president Jim Yong Kim and IBM's CEO, Ginni Rometty. This year's theme, Reimagining Impact, requires world leaders to reimagine the wo ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
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1 week ago

France to receive first Ebola patient

Sep 17 2014 4:52pm CDT | Source: Business Insider

Paris (AFP) - France on Wednesday prepared to receive its first Ebola patient, as the World Bank warned the spiralling epidemic is threatening economic catastrophe in west Africa.Doctors Without Borders, known by its French acronym MSF, said a female volunteer had contracted the killer virus while on assignment in Liberia.France's health ministry said she "will be repatriated to France in conditions of maximum security in a de ...
Source: Business Insider   Full article at: Business Insider
 

 
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1 week ago

World Bank: Economic Impact Of Ebola Outbreak Could Be 'Catastrophic'

Sep 17 2014 9:59am CDT | Source: Business Insider

The World Bank released a statement Wednesday warning that the economic impact of the Ebola outbreak in West Africa was "already serious" and could be "catastrophic" if the international community does not take serious action soon. This Ebola outbreak is unprecendented in scope, and worsening with alarming speed. There have been 2,453 deaths counted so far, and 4,963 confirmed, probable, and suspected cases — almost half of which have been diagnosed in the past ...
Source: Business Insider   Full article at: Business Insider
 

 
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1 week ago

Obama: Ebola crisis 'spiraling out of control'

Sep 16 2014 4:56pm CDT | Source: Business Insider

Atlanta (AFP) - President Barack Obama issued a global call to action to fight West Africa's Ebola epidemic on Tuesday, warning the deadly outbreak was unprecedented and "spiraling out of control," threatening hundreds of thousands of people.Speaking as he unveiled a major new US initiative which will see 3,000 US military personnel deployed to West Africa to combat the growing health crisis, Obama said the outbreak was spreading "exponentially.""Here's th ...
Source: Business Insider   Full article at: Business Insider
 

 
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7 weeks ago

World Bank pledges $200 million to fight Ebola

Aug 4 2014 7:53pm CDT | Source: Business Standard

The World Bank has said that it would provide up to USD 200 million to Guinea, Liberia and Sierra Leone to help the West African nations contain a deadly Ebola outbreak. World Bank president Jim Yong Kim, himself an ...
Source: Business Standard   Full article at: Business Standard
 

 

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