IMF urges need for balanced budget plan in US

The International Monetary Fund on Wednesday 7 January urged the United States to formulate a clear plan to balance its budget, saying tax cuts had given the economy only a modest lift, and warned that widening fiscal deficits held dangers for domestic and global growth.

U.S. policymakers will need both tax increases and spending restraint to right the budget, the global lender said in a report, which it described as part of an annual review of the U.S. economy.

"The deficit will be reduced by

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