Comicomment: U.S.' crazy fiscal cliff maneuvers(1/1)

The International Monetary Fund said on Thursday that a U.S. debt default prompted by failure to raise the country's debt ceiling would have "very serious repercussions" for the U.S. economy as well as the global economy.

The debt ceiling, which Congress established a century ago, is the maximum amount the U.S. government can borrow. Currently, the country can borrow up to about 31.4 trillion U.S. dollars.

As risks loom, economists and analysts have warned that a U.S. debt default would be economically devastating, and could drag the entire world into a financial crisis.