IMF urges US policy-makers to take action against fiscal cliff

IMF headquarters in Washington DC

The International Monetary Fund (IMF) today (August 2) expressed concern over US fiscal policy, saying the main domestic downside risk was political gridlock that delayed action on fiscal sustainability.

The staff report of the Article IV consultation warned in particular of the so-called ‘fiscal cliff', a combination of expiring tax relief and automatic spending cuts due to take place at the end of 2012. Gian Maria Milesi-Ferreti, the head of the IMF mission to the US, said in a conference call

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