SLOWER GROWTH: The International Monetary Fund lowered its growth forecasts for the global and U.S. economies for this year and 2013. Europe's crisis and slower growth in China, India and Brazil were the main culprits.
WORSE OUTLOOK: Europe's financial crisis and a potential budget crisis in the United States could slow world growth even further, the international lending organization warned.
FISCAL CLIFF: Several large U.S. tax cuts will expire at the end of the year and big spending cuts will kick in at the same time. Unless they are delayed, the U.S. could suffer another recession and the global economy could slow sharply, the IMF said.