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Most G20 leaders want to cut deficits
TORONTO, (UPI) -- Most leaders emphasized deficit reduction as the Group of 20 summit opened Saturday in Toronto, while President Barack Obama pushed for stimulus spending.
Canadian Prime Minister Stephen Harper proposed a resolution that would cut deficits in half by 2013, The New York Times reported. He got enthusiastic support from his British counterpart, David Cameron.
"Those countries that have big deficit problems like ours have to take action in order to keep that level of confidence in the economy which is absolutely vital to growth," Cameron said.
U.S. Treasury Secretary Tim Geithner Saturday said economic policy should avoid mistakes from past recoveries -- including retreating too soon from policies designed to stimulate growth.
"And (what) we want to do is continue to emphasize that we are going avoid that mistake by making sure we recognize that it's only been a year since the world economy stopped collapsing -- it's only been a year of positive growth in the United States; some countries started growing much, much more recently," he said.
The meetings in Toronto provide Cameron and Obama their first opportunity to talk face-to-face since Cameron's election.
Obama gave Cameron a lift from the Group of Eight meeting in Huntsville, Ontario, with the prime minister joking afterward he could not afford to reimburse the president for the helicopter ride.
Obama said they share a goal: "Long-term sustainable growth that puts people to work."
TORONTO, (UPI) -- Most leaders emphasized deficit reduction as the Group of 20 summit opened Saturday in Toronto, while President Barack Obama pushed for stimulus spending.
Canadian Prime Minister Stephen Harper proposed a resolution that would cut deficits in half by 2013, The New York Times reported. He got enthusiastic support from his British counterpart, David Cameron.
"Those countries that have big deficit problems like ours have to take action in order to keep that level of confidence in the economy which is absolutely vital to growth," Cameron said.
U.S. Treasury Secretary Tim Geithner Saturday said economic policy should avoid mistakes from past recoveries -- including retreating too soon from policies designed to stimulate growth.
"And (what) we want to do is continue to emphasize that we are going avoid that mistake by making sure we recognize that it's only been a year since the world economy stopped collapsing -- it's only been a year of positive growth in the United States; some countries started growing much, much more recently," he said.
The meetings in Toronto provide Cameron and Obama their first opportunity to talk face-to-face since Cameron's election.
Obama gave Cameron a lift from the Group of Eight meeting in Huntsville, Ontario, with the prime minister joking afterward he could not afford to reimburse the president for the helicopter ride.
Obama said they share a goal: "Long-term sustainable growth that puts people to work."
