Barack Obama Warns G20 Leaders on Budget Cuts

U.S. President Barack Obama has warned G20 leaders about the danger of instituting budget cuts too quickly, saying such a move could put at risk economic recovery.

With G20 leaders scheduled to meet in Toronto on June 26 the U.S. leader has said the focus of that gathering should be “to safeguard and strengthen the recovery.” According to Obama that recovery could be slowed if “stimulus was too quickly withdrawn.”

These observations were included in a letter Obama sent to the leaders of the world’s 20 leading economies.

While Obama said there was a need to put in place “credible plans” to cut deficits the method by which that is done must be done with caution. Obama warned that in the past when stimulus was cut too quickly it opened the door for “renewed hardships and recession.”

Several European countries have recently unveiled austerity measures designed to slash spending and reduce deficits but those plans have been criticized by many of the citizens in those countries who now have to assume the economic responsibility of past government overspending.

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