09
Oct
In the United States, it is imperative to avoid excessive fiscal consolidation (the fiscal cliff) in 2013, to raise the debt ceiling promptly, and to agree on a credible medium-term fiscal consolidation plan.
The IMF reported, “Growth would stall in 2013 with the full materialization of the cliff and … would inflict large spillovers on major U.S. trading partners and also on commodity exporters (because of declines in commodity prices),” if Congress fails to agree to a debt and deficit reduction plan in their semi-annual checkup on the health of the world economy.
