Growth plan laid out at G20 Summit

Leaders of the world’s largest economies wrapped up talks in Mexico on the second and last day of the G20 Summit. In a statement of unity, the leaders affirmed their commitment to strong sustainable and balanced growth as the top priority of the G20. The leaders also agreed to put up a united front behind efforts to repair an ailing global economy through the Los Cabos Growth and Jobs Action Plan, and called on Europe to take measures to overcome the eurozone debt crisis. Although details of  the plan were not immediately available, the Plan supports countries with the resources to “stand ready” and take fiscal action through greater government spending in response to the economic crisis. One such example is a pledge by the Obama administration to stop steep tax increases from kicking in at the end of 2012 to avoid the US from entering another recession.

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