IMF welcomes US Congress's action

The International Monetary Fund (IMF) welcomes the US Congress's action to avoid sudden tax increases and spending cuts.

Gerry Rice, Director of External Relations, said in a statement that without the action, the economic recovery would have been derailed.

"However, more remains to be done to put US public finances back on a sustainable path without harming the still fragile recovery. Specifically, a comprehensive plan that ensures both higher revenues and containment of entitlement spending over the medium term should be approved as soon as possible. In addition, it is crucial to raise the debt ceiling expeditiously and remove remaining uncertainties about the spending sequester and expiring appropriation bills," said