|Published:||Jun 27, 2010 8:12 PM EDT|
|Updated:||Jun 27, 2010 5:12 PM EDT|
TORONTO (AP) - Canada's prime minister says global economic recovery will be a tightrope walk between deficit spending now and then switching to deficit reduction programs.
Prime Minister Stephen Harper, the G-20 summit host, spoke as world leaders lined up behind a bold pledge by rich nations to cut budget deficits in half by 2013.
The deficit-cutting goal would mean trimming the red ink in half within three years and getting the total debt stabilized by 2016.
Harper's proposal stood in contrast to President Barack Obama's competing priorities. Obama urged the G-20 to avoid the costly mistake made during the 1930s, when countries reduced government support too quickly and ended up prolonging the Great Depression.
But it was clear that Obama's view was in the minority as country after country stressed the need to reduce deficits.