IMF Urges Repeal of Large US Government Spending Cuts

The International Monetary Fund is urging the United States to repeal large government spending cuts from earlier this year, saying they are a drag on economic growth.

In its annual review of the world’s largest economy, the IMF said Friday that the reduction in the U.S. budget deficit in 2013 has been “excessively rapid and ill-designed.” The IMF said the cuts, known as the sequester, should be replaced by longer-term reductions in government spending programs, as well as …

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