World leaders pledge to reduce budget deficits

World leaders lined up Sunday behind a bold pledge by rich nations to cut budget deficits in half by 2013.

Canadian Prime Minister Stephen Harper, host of a summit of the world's 20 top industrial and developing nations, said at Sunday's session that it's "imperative that we get our fiscal house in order."

The deficit-cutting goal would mean that countries cut their red ink in half within three years and get their total debt stabilized by 2016.

"Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016," according to a draft …