“The U.S. is facing international pressure to avoid running off its fiscal cliff amid warnings that failure to avert course would trigger another global recession.
“It’s a very serious situation for all of North America and for the entire world,” Canadian Finance Minister Jim Flaherty told Bloomberg Television Thursday at the annual meeting of the International Monetary Fund. “It means we’ll all go into recession. So it’s important this gets dealt with.”
The U.S. will incur $100 billion in automatic spending cuts and more than $500 billion in expiring tax cuts in January, unless lawmakers strike a deal. The IMF this week said that such a consolidation would tighten fiscal policy by 4 percent of gross domestic product, the most since the 1940s.”
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