With the US deficit projected to reach $1.3 trillion in 2010 cutting it by half in 3 years won’t even take it back to where Obama started.

BBC News

Leaders at the G20 summit in Canada have agreed to cut national budget deficits while endeavouring to promote economic growth.

Host Stephen Harper, the Canadian prime minister said short-term stimulus measures would be needed to get economies moving.

Correspondents note that every major G20 country had already committed to halve deficits within three years.

Proposals for a global levy on banks have been dropped, Mr Harper said.

Instead, that will be left to individual countries.

FULL STORY

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