G20 Summit: Deficit Reduction a Reality?

Over the weekend, leaders from across the globe met at the annual G20 Summit in Toronto, Canada. Some news organizations are reporting nothing was accomplished from the meeting. Some are highlighting the agreement that many of the richest countries will cut their deficits in half by 2013. And still more news organizations are outlining the security issues of the event.

The world leaders agreed that the deficits must be cut and President Obama says he is serious about reducing the nationl deficit. He said, "I'm serious about it. We've got to look at a tax system that is messy and unfair in a whole range of ways."

I still say that Obama will try to raise taxes in an effort to bring the deficit down. It seems unlikely that he will accomplish it before the midterm elections though. It worries me to think that Republicans will be faced with a choice: (1) Join Obama in raising taxes or (2) Reject reducing the deficit until they have a majority.

Despite promising to cut spending, $900 million was spent on security in Toronto and over 900 arrests were made.