Budget Cuts Seen as Risk to Growth of U.S. Economy

WASHINGTON — The fresh round of federal spending cuts scheduled to begin next week would slow economic growth in the next year, though not nearly as much as going over the so-called fiscal cliff might have, economists said.

Australia’s Swan Says G-20 Sees Global Recovery as ‘Fragile’

Australian Treasurer Wayne Swan said most of his Group of 20 counterparts see the global recovery as “fragile” and urged Europe to press on with closer financial integration and the U.S. to cut its budget deficit.