World Leaders at Toronto Summit Pledge to Cut Deficits…

Leaders of the world’s biggest economies agreed on Sunday on
a timetable for cutting their deficits and halting the growth
of their public debt, despite the Obama administration’s
concern that reducing spending too quickly might set back the
fragile global recovery.

The Group of 20 countries ended a two-day summit meeting here
by endorsing a goal of cutting government deficits in half by 2013 and stabilizing the ratio of public debt to gross domestic product by 2016. Canada’s prime minister, Stephen Harper, had proposed the targets and received the backing of several European leaders.

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http://www.nytimes.com/2010/06/28/business/global/28summit.html?emc=na