G-20 leaders agree to halve deficits
Top story: In the final communique from the G-20 summit in Toronto, the world's industrialized nations agreed to halve budget deficits by 2013, echoing the concerns of European leaders about fiscal restraint. "Honestly, this is more than I expected, because it is quite specific," said German Chancellor Angela Merkel, one of the leading supporters of deficit reduction at the summit.
The agreement left some leeway for countries to cut spending at their own spend, reflecting the concerns of U.S. President Barack Obama, who has warned countries not to cut stimulus spending too quickly.
Following the summit, Obama stood behind the deal but stressed that "our fiscal health tomorrow will rest in no small measure on our ability to create jobs and growth today." Obama also vowed to double U.S. exports and eliminate the trade imbalances that give some countries an "undue advantage" in the world marketplace. Toward that end, Obama met with Chinese President Hu Jintao and welcomed China's decision to allow greater flexibility in its currency.
At the next G-20 leaders' summit in Seoul, South Korea in November, world leaders expect to adopt a new set of rules on banking regulation, but negotiators warn it could be years until they go into effect.
Thousands of protesters marched against the summit, with some vandalizing stores and property in downtown Toronto. Police arrested more than 600 people.
Afghanistan: CIA Director Leon Panetta said he has seen no firm evidence that Afghan insurgent groups are interested in reconciliation.
U.S. politics: West Virginia Senator Robert Byrd has died at the age of 92, having served a record 57 years in Congress.
The agreement left some leeway for countries to cut spending at their own spend, reflecting the concerns of U.S. President Barack Obama, who has warned countries not to cut stimulus spending too quickly.
Following the summit, Obama stood behind the deal but stressed that "our fiscal health tomorrow will rest in no small measure on our ability to create jobs and growth today." Obama also vowed to double U.S. exports and eliminate the trade imbalances that give some countries an "undue advantage" in the world marketplace. Toward that end, Obama met with Chinese President Hu Jintao and welcomed China's decision to allow greater flexibility in its currency.
At the next G-20 leaders' summit in Seoul, South Korea in November, world leaders expect to adopt a new set of rules on banking regulation, but negotiators warn it could be years until they go into effect.
Thousands of protesters marched against the summit, with some vandalizing stores and property in downtown Toronto. Police arrested more than 600 people.
Afghanistan: CIA Director Leon Panetta said he has seen no firm evidence that Afghan insurgent groups are interested in reconciliation.
U.S. politics: West Virginia Senator Robert Byrd has died at the age of 92, having served a record 57 years in Congress.
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-By Joshua Keating |  |
ERIC FEFERBERG/AFP/Getty Images)
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