OECD: U.S. debt-limit standoff could spur global recession

Congress' failure to raise the U.S. debt limit to avert default would drive developed economies into recession and send emerging markets into sharp decline, says Angel Gurria, secretary general of the Organization for Economic Cooperation and Development. "The current political deadlock in the United States is needlessly putting at risk the stability and growth not only of the U.S. but also the world economy," he said.

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