Saturday, November 3, 2012

OECD Chief says G20 should urge U.S. resolution of fiscal cliff

MEXICO CITY (Reuters) - The Group of 20 leading world economies should appeal to the United States to address the so-called fiscal cliff, the head of the Organization for Economic Co-operation and Development said on Saturday.

Unless the fractious U.S. Congress can strike a deal, about $600 billion in U.S. spending cuts and higher taxes are due to kick in on January 1, threatening to push the U.S. economy back into recession and hurt world growth.

Speaking ahead of the G-20 meeting in Mexico City, Jose Angel Gurria also said Europe should welcome any Spanish bailout request.

(Reporting by Alexandra Alper; Editing by Diane Craft)

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