IMF urges US to cut debt, China to boost spending

The United States cannot grow its way out of mounting public debt without tax or spending adjustments, while China must pivot from export-led growth towards more domestic consumption, International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday. Georgieva admonished the world’s two largest economies to make painful policy changes to reduce growing fiscal and trade imbalances, as her fiscal affairs chief said inflation, high debt levels and rising yields had heighten