G-7 Faces Calls for Urgent Action to Spur Growth |
| New York Times - Sep 9, 2011 |
With the prospect of a drawn-out recession in the United States and Europe, officials of the Group of 7 industrialized nations faced calls Friday to act urgently to stimulate growth, even at the risk of running up deficits that have brought some countries under pressure in global financial markets.
A day after President Barack Obama pressed the Congress to enact a $447 billion package of tax cuts and new government spending to try to create jobs in the United States, Treasury Secretary Timothy Geithner insisted that such an economic stimulus would reduce the odds of America slipping into a double-dip recession.
But he warned that headwinds from Europe’s deepening debt crisis risked hitting the United States at a time when it is still weak. In remarks that indicated Washington considers Europe’s problems to be a major threat, he admonished European leaders in a letter published in the Financial Times to take “more forceful action” to show they are committed to resolving their problems.
Read Full Article from New York Times
- Posted: 2011-09-09 11:41:01
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