Oct. 19 (Bloomberg) -- The U.S. economy is “extraordinarily” weak and President Barack Obama’s $47 billion proposal to create jobs has a high probability of ending in deadlock, said Nicolas Eyzaguirre, director of the International Monetary Fund’s Western Hemisphere department.

A weaker global outlook may push up risk aversion and lead to more moderate, although still high, commodity prices, although that would depend on how Asian demand stands up, he told a conference in Santiago today.

To contact the reporter on this story: Randall Woods in Santiago at rwoods13@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net