Obama seeks authority for IMF voting reforms
WASHINGTON (Reuters) – The Obama administration has asked Congress for authority to implement historic voting reforms in the International Monetary Fund that boost the influence of emerging economies like China in the global financial institution, sources said on Tuesday. But the plan faces an uphill battle for passage in a tense U. S. budget environment marked by the launch of $85 billion in automatic spending cuts on Friday that hit both the U. S. military and domestic programs hard. . . .
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