Administration fails in bid to win IMF funding

WASHINGTON (AP) — Congress has rejected a funding request from the Obama administration that would have overhauled the International Monetary Fund. The action leaves the 188-nation group without additional resources and blocks an increase in voting power for China and other emerging markets.

The proposal was left out of the $1.01 trillion spending bill that congressional negotiators approved Monday. Both the Obama administration and IMF Managing Director Christine Lagarde expressed disappointment but pledged to keep working to win congressional support.