06/15/2011 02:33 EDT | Updated 08/15/2011 05:12 EDT

Flaherty In New York: Finance Minister Tells U.S. To Get Its Fiscal House In Order


THE CANADIAN PRESS -- NEW YORK, N.Y. - It's not often a Canadian politician goes to the U.S. to offer advice publicly, but Finance Minister Jim Flaherty is taking that diplomatically risky chance.

In candid language, the finance minister tells a New York business audience that the U.S. needs to get its fiscal house in order.

In a text released ahead of the speech, Flaherty says the U.S. needs to outline a solid plan to eliminate the deficit and reduce debt — not just for its sake, but for the world's.

And he says there is no time to waste because the fate of the world's economy depends on the decisions being made in Washington.

The message to the Canadian Association of New York suggests Flaherty is siding with the fiscal hawks in Congress seeking stricter spending controls.

In his speech, he specifically names Paul Ryan, the Republican chairman of the House budget committee, who has proposed a controversial plan to repeal President Barack Obama's health-care law, hard caps on domestic spending, and limit Medicare entitlements.

More to come