US debt standoff overshadows G7 finance leaders’ meeting

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The logo of the G7 Finance Ministers and Central Bank Governors’ meeting is displayed at Niigata station, ahead of the meeting, in Niigata, Japan, May 10, 2023. REUTERS/Issei Kato
  • Biden warns of U.S. recession unless ceiling raised quickly
  • China’s slowing inflation adds to global recession fears
  • G7 finance leaders kick off meeting in Niigata, Japan

NIIGATA, Japan, May 11 (Reuters) – A standoff over raising the U.S. debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders set to begin on Thursday, heightening U.S. recession fears as central banks seek a soft landing for the global economy.

President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the limit on the government’s permitted borrowing from the current $31.4 trillion or risk throwing the world’s biggest economy into recession.

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