G20 pledge to halve deficits by 2013

WORLD leaders yesterday endorsed a bold pledge by rich nations to slash budget deficits in half within three years despite US President Barack Obama’s concerns that cutting stimulus spending too quickly could stall the global recovery.

The deficit-cutting goal was outlined in a final statement from the top 20 industrial and developing nations at their weekend summit.

Canadian Prime Minister Stephen Harper, host of a summit, said it was critical that the countries “send a clear message that as our stimulus plans expire, we will focus on getting our fiscal houses in order”.