Deloitte Monday Briefing: Heading For The Fiscal Cliff

If you asked a chief executive or a central banker to identify their biggest worry for the global economy they'd probably say it was the future of the euro area.

The US, by comparison, looks something of a safe haven. It has avoided Europe's double dip recession. This week's the Economist front cover headline dubs the US economy the "Comeback Kid". Forecasters expect the US to expand at four times the rate of the euro area next year.

One explanation for the resilience of America's economy is that the pace of reduction in the government's budget deficit has been slower in the US than in Europe. As a share of GDP the International Monetary Fund estimates that the US will run a larger deficit next year than Ireland, Greece, Spain or Italy's.