Posted 10/11/2023, 3:15:00 PM
IMF Urges U.S. and China to Reduce Debt and Deficits for Fiscal Sustainability
- IMF says U.S. and China need to rein in debt and deficits to put fiscal paths on sustainable trajectory
- U.S. facing large, persistent budget deficits projected at 6-7% of GDP through 2028
- China's challenge is slowing growth and dependence on real estate and infrastructure investment
- IMF official says U.S. should raise taxes on wealthy, end fossil fuel tax breaks, raise Social Security tax cap
- China needs new growth model shifting from exports and investment to domestic demand
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