G-20 finance officials focus on US budget talks

By: Associated Press Email
By: Associated Press Email
WASHINGTON (AP) - World finance officials say the United States needs to take urgent action to address the budget problems that are creating economic uncertainties for the global economy.

U.S. President Barack Obama, center, with members of his delegation, speaks during his bilateral meeting with China's President Xi Jinping, unseen, at the G20 Summit, Friday, Sept. 6, 2013 in St. Petersburg, Russia. (AP Photo/Pablo Martinez Monsivais)

WASHINGTON (AP) - World finance officials say the United States needs to take urgent action to address the budget problems that are creating economic uncertainties for the global economy.

Finance ministers and central bank leaders for the Group of 20 major economies have wrapped up two days of discussions in Washington. The ongoing budget stalemate between Congress and the Obama administration were a primary focus of the talks.

Russia's finance minister told reporters at a news conference that issues of the partial government shutdown, and the need to raise America's borrowing limit before an Oct. 17 deadline, were addressed by Treasury Secretary Jacob Lew.

He says all participants were hoping for a speedy resolution, noting that about 45 percent of Russian's foreign exchange reserves are invested in U.S. Treasury securities.


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