The United States was castigated by world finance leaders on Saturday because of its inadequate actions to lessen its large budget deficits. Finance leaders said monetary constraints in rich countries such as the United States can largely jeopardize global recovery.

On Saturday, finance ministries were in Washington for its semi-annual meeting. This time, they have discussed more about the $14 trillion debt accumulated by the United States.

Most of the emerging market economies, which took part in the meeting, criticized the actions of the United States. However, some advanced nations reinforced the talks as well.

According to Dutch finance minister Jan Kees de Jager, if advanced nations act too slowly to reduce massive financial deficits, this could further lead to more sustainability issues and weaken the outlook of global economy. He said debt dynamics in other advanced economies together with the United States are of major concern.

The International Monetary Fund said that the U.S. budget deficit was about to reach 10.8 percent of the nation’s economic output this year. The federal country ties with Ireland for the highest deficit-to-GDP ration among several other advanced economies.

The committee’s advisory panel on Saturday said that concerns for financial stability, as well as sovereign debt stability must be addressed. It said credible actions must be made to push progress.

The House of Representatives, led by the Republican party, approved a plan on Friday to cut spending by about $6 trillion over a decade and slash benefits for the poor and elderly.

President Barach Obama, who offered plans to reduce deficits by $4 trillion over 12 years, said on Thursday that the plan of the Republicans would just create a nation of potholes. The administration is worried about cutting budget spending sharply while economic recovery remains volatile.

International bankers warn that forcing several financial establishments to reach up with the new capital requirements too fast could

greatly hurt the economies around the world.

As a result of the Basel III agreement that 27 countries have settled last month, individual countries might push their banks to meet with the new capital and liquidity standards before the deadline on year 2019.

According to the chief executive of Deutsche Bank, Josef Ackerman, there really is a great concern when national governments accelerate the phasing in process on the finance industry.

Ackerman, the chairman of the Institute of International Finance, which is holding its yearly meeting in Washington this weekend, warns along with other bankers that global economy is still fragile. Forcing the capital standards too quickly could already throttle the economy even before it has recovered.

The Basal III agreement states that banks should get top-quality capital equivalent to a total of 7-percent of their risk-bearing assets. That is three times more than the current standards so they can better endure financial shocks and downturns on the economy.

They have until 2015 to meet the minimum core Tier capital requirement; that is, at least 4.5 percent of assets. By 2019, they should have additional 2.5 percent, which is called the capital conservation buffer.

Even the regulators who attended the event treated the idea that the timetable would be moved up as less important, thinking that the new requirements will not impact the economies around the world negatively.