Cameron says UK must cut deficit now, U.S. can wait

WASHINGTON (BestGrowthStock) – Prime Minister David Cameron said on Tuesday there was no disagreement between Britain and the United States on the importance of cutting budget deficits, but the UK needed to act now to safeguard investor confidence.

“We’re not a reserve currency, we’re not the United States of America — we can’t take our time with this,” Cameron told NPR radio before a meeting with President Barack Obama.

“We see it in the same way, which is that every country has to deal with its budget deficit but the time at which we do it can vary.”

Cameron said his Conservative-Liberal Democrat coalition’s plan to slash government spending and raise taxes to rein in a record budget deficit would enable Britain to “keep interest rates low.”

The United States has urged caution over Europe’s efforts to deal with soaring government borrowing because of concerns that fiscal austerity could derail the global economic recovery.

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(Reporting by Matt Falloon; Editing by Doina Chiacu)

Cameron says UK must cut deficit now, U.S. can wait