The United States needs to reduce its fiscal deficit by about four percentage points from the current level of 7% and requires a robust plan to achieve this, according to International Monetary Fund (IMF) Director Rodrigo Valdes. He warned that the longer the US waits on a debt reduction plan, the more financial pressures can build. The IMF is urging markets to give the US more space for its debt levels, noting that markets are not as forgiving as they were in the past.