Negotiators for global leaders making little progress on economic issues

OTTAWA – Global leaders meeting in Toronto this weekend will have to work through major differences, as discouraged negotiators in last minute talks are making little progress on how to repair the world’s economy.

Sources told the Canadian Press that there was little in the way of substantive agreement during the final hours of talks among G20 nation negotiators.

In addition, sources said plans to map out the future of global economic recovery, financial regulation, international development and climate change remain up in the air.

One issue in particular is the negotiators for U.S. President Barack Obama, who are butting heads with Prime Minister Harper and the International Monetary Fund over how quickly budget deficits need to be brought under control. They opted for watered-down targets instead of agreeing to deep budget cuts in indebited countries.

Sources added that they pushed the IMF recommendations back into an annex that will be attached to the official communique.

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