IMF urges faster US cuts

first_img THE INTERNATIONAL Monetary Fund (IMF) has urged the United States to come up with credible measures to reduce its record budget deficit, heaping pressure on the White House.President Barack Obama will today outline fresh plans for reducing the nation’s debt, which is on track for hitting $1.4 trillion (£857bn) this year, as he attempts to seize the high ground in a debate with Republicans over how best to cut costs.But the IMF said in its latest ‘Fiscal Monitor’ report that a further delay of action to cut the country’s deficit could be “fiscally costly”. It added that a “major” adjustment will be needed next year to put the budget back on track. The US posted a monthly budget deficit of $188bn (£115.5bn) in March, the Treasury Department reported yesterday. The deficit will reach 10.8 per cent of its gross domestic product this year, the largest among major developed economies. Show Comments ▼ Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap IMF urges faster US cuts Tuesday 12 April 2011 8:49 pm whatsapp KCS-content whatsapp Sharelast_img

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