G-20 AGREEMENT FOR MORE THAN $1 TRILLION IN ADDITIONAL GLOBAL STIMULUS IS DRAMATIC AND VITALLY NEEDED

WASHINGTON – Campaign for America’s Future co-director Robert Borosage, in Brussels this week for the Global Progressive Forum, said the additional global stimulus is a dramatic and vitally needed initiative. G-20 leaders this week pledged an additional $1.1 trillion in financing to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds.

STATEMENT OF ROBERT BOROSAGE

This trillion-dollar commitment for the developing world in this crisis is a dramatic and vitally needed initiative. We also need every major industrialized country to help boost the global economy with bold national, deficit financed, recovery plans. America can’t do this alone. Everyone has to grab a bucket and start bailing.

The G-20 leaders chose to agree to agree. The Europeans avoided bold new stimulus commitments. The British and Americans avoided bold new regulation of the financial community. Clearly, the leaders decided to let the crisis decide whether new steps are necessary.

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