Lagarde dismisses possibility of US debt default.

European Central Bank President Christine Lagarde said it is "not possible" for the United States to default on its debt, but warned of catastrophic global ramifications if it did. Congress faces a fast-approaching deadline to address the debt ceiling, with Republicans demanding cuts to federal spending and Democrats urging a "clean" bill lifting the debt ceiling with no strings attached. Lagarde urged the two sides to break the logjam and work to find consensus on a plan to address the debt ceiling.