July 8, 2010

  • A d v e r t i s e m e n t
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The International Monetary Fund on Thursday urged the United States to rein in its ballooning budget deficit without putting the “modest” economic recovery at risk.

“The central challenge is to develop a credible fiscal strategy to ensure that public debt is put — and is seen to be put — on a sustainable path without putting the recovery in jeopardy,” the IMF said in a report.

Amid jitters that high levels of unemployment may force a double dip recession, the IMF warned the slow recovery would continue.

“While still modest by historical standards, the recovery has proved stronger than we had earlier expected.

“The outlook has improved in tandem with the recovery, but remaining household and financial balance sheet weaknesses — along with elevated unemployment — are likely to continue to restrain private spending.”

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