The International Monetary Fund released its annual report on Tuesday. Managing Director Christine Lagarde had some advice for U.S. lawmakers.

Lagarde said, in order to prevent another recession, lawmakers need to work quickly to stop tax increases, manage spending cuts, and take steps to reduce the deficit over time. She also recommended lawmakers raise the country's borrowing limit before another downgrade of U.S. debt.

Federal News Radio's Francis Rose discussed the pending fiscal cliff with Capital Insider.