G20 Agrees to Deficit Cuts by 2013

One of the expected sticking points at the G20 this past weekend in Toronto, was the growing tension between the need to continue to provide stimulus for the global economy, while still addressing growing deficits. European countries in particular, have made recent moves to drastically curtail spending, causing concern in other G20 countries that the pullback in spending could tip the economy back into recession.

In the end, a compromise brokered by Canadian Prime Minister and host of the summit Stephen Harper, was accepted. The central point of the agreement will continue stimulus spending in the short-term, with a longer-term goal of reducing deficits by 50 percent in three years.

Source: BBC News

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