The International Monetary Fund cut its 2014 growth outlook for the U.S. to 2.7%, down from 3% in April, after reversing its assumption that the government would repeal spending cuts enacted in March. The IMF called measures to reduce the deficit in the U.S. in 2013 "excessively rapid and ill-designed." It called for replacing these measures with a mix of entitlement savings and new revenues.

Full Story:

Related Summaries