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IMF: U.S. Needs To Cut Deficit, Raise Taxes

Thu, 07/08/2010 - 7:25am
Manufacturing.net

WASHINGTON (AP) -- The International Monetary Fund is calling for the United States to make a stronger effort to curb its budget deficits.

The IMF says that in addition to cutting government spending, the Obama administration will have to consider raising taxes to get the U.S. deficit down to a manageable level.

The IMF suggests a range of tax increases which would be certain to generate huge political opposition from reducing the popular tax deduction for home mortgages to instituting a national sales tax.

The suggestions were contained in the IMF's annual appraisal of the U.S. economy.

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