IMF: U.S. is headed for biggest deficit in developed world

The U.S. budget deficit this year will amount to 10.8% of gross domestic product, the biggest shortfall in the developed world, the International Monetary Fund said. As a percentage of GDP, the shortfall will outstrip that of Japan and the U.K. The IMF estimated that U.S. President Barack Obama would have to implement in the next two years the biggest budget cut in "at least half a century" to keep his promise of halving the deficit by the end of his four-year term. Full story here