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German expert: U.S. congress not approving budget may have negative global consequences

October 01, 2013, 14:18 UTC+3
Inactivity can create “an atmosphere of uncertainty in investment sector”
1 pages in this article
Photo EPA/MICHAEL REYNOLDS

Photo EPA/MICHAEL REYNOLDS

BERLIN, October 1. (Itar-Tass) – The global economy can suffer negative consequences as a result of the Congress failing to approve the U.S. budget for the new 2014 fiscal year, which started October 1. Markus Kerber, Chief Executive of the Federation of German Industries said: “If Congress does not raise the debt ceiling by mid-October, then America’s inability to pay its bills can carry a massive economic risk.”

The expert believes that inaction when it comes to American budget and debt policies can create “an atmosphere of uncertainty in investment sector,” which, in turn, will affect the “still vulnerably recovering economy of the United States.” “As the U.S. is a major overseas export market for Germany, this will also negatively affect German foreign trade,” the spokesman told DPA news agency.

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