WASHINGTON (AP) — The International Monetary Fund chief warned the U.S. on Thursday that failure to raise the debt ceiling could do deep damage to both the American and global economies.

Christine Lagarde, speaking at a news conference, told the U.S. to “get its fiscal house in order,” referring to the deadlock over passing spending and debt limit bills. Lagarde’s comments began an annual meeting of global financial leaders by the IMF and World Bank.