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The G20, which includes major industrialized powers in the Group of Eight plus developing nations with significant economies such as China and India, agreed to a specific time line for deficit reduction, while giving governments flexibility to adjust the pace of changes based on their own situations.A plan promoted by host Canada will have the most advanced countries cut their budget deficits in half by 2013. By 2016, governments would be required to stabilize or begin reducing the percentage of their debt as measured against total gross domestic product, the value of all goods and services produced in a given country.Canadas Prime Minister Stephen Harper, who in opening the summit said nations are walking an economic tightrope, noted that the G20 declaration leaves room for continuing stimulus measures and steps to bring down debt. All leaders recognize that fiscal consolidation is not an end in itself, he said. There will be a continued role for ongoing stimulus in the short-term as we develop the framework for strong, sustainable and balanced growth.The declaration calls recovery so far from the global economic crisis uneven and fragile, with unemployment at unacceptable levels in many countries. It says unprecedented and globally coordinated fiscal and monetary stimulus is playing a major role in helping to restore private demand and lending. Saying serious challenges remain, G20 leaders recognize the risks to recovery from fiscal adjustment across several major economies. But they add that failure to implement fiscal consolidation where it is needed could undermine confidence and hamper growth. AP US President Barack Obama speaks during a closing press conference at the G20 summit in Toronto, 27 June 2010 President Barack Obama and other U.S. officials argued strongly at the summit against any early slowing of stimulus spending by governments, saying that it might bring about a second global recession.In his concluding news conference, the presi