Image via Wikipedia
JANE WARDELL,MARTIN CRUTSINGER, THE ASSOCIATED PRESS
World leaders lined up Sunday behind a bold pledge by rich nations to cut budget deficits in half by 2013, despite concerns that cutting stimulus spending too quickly could hurt the global recovery.
Canadian Prime Minister Stephen Harper, host of a summit of the world's 20 top industrial and developing nations, said that it's "imperative that we get our fiscal house in order."
The deficit-cutting goal would mean cutting the red ink in half within three years and getting the total debt stabilized by 2016.
"Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016," according to a draft statement obtained by The Associated Press. The gross domestic product measures the value of all goods and services, and is considered the best gauge of economic health.