World leaders made bold pledges to cut their spiraling budget deficits but will probably fall far short of their lofty goals. This pledge, by nations which represent 85 percent of the global economy, would represent a sea change in how the world’s major economies are handling their finances.

After spending massive amounts of money to rescue the global economy from the worst downturn in decades, the Group of 20 major industrial and developing nations have reversed course and promised to cut their deficits in half in terms of the global economy in just three years. Get the full story »