The International Monetary Fund (IMF) has warned that if the United States defaults on its debt, it will have a "very serious impact" on the United States and the global economy. The agency urged Democrats and Republicans to agree on an imminent debt ceiling. Julie Kozak, a spokeswoman for IMF, said at a news conference on Thursday that the potential consequences of a US default would include higher interest rates and broader instability. She said this will exacerbate the impact caused by the COVID-19 epidemic and war in the past few years.