By James Kirkup, and Robert Winnett10:00PM GMT 21 Nov 2011 The warning comes as the global economy stands on the brink of a âchronicâ debt-driven recession. The Prime Minister on Monday conceded that tackling Britainâs debts was âproving harder than anyone envisagedâ, raising the prospect that the Coalition would be unable to close the deficit by 2014-15. Departing from the deficit-reduction timetable could raise fears that Britain will face rising borrowing costs as bond markets take fright. In his autumn statement next week, Mr Osborne will cut his forecasts for economic growth this year and next, blaming the eurozone crisis and the darkening global outlook. Almost every Western government is struggling with its debts. In Washington, a cross-party committee supposed to devise plans to curb the governmentâs debt was close to collapsing. His gloomy tone was echoed by Mohamed el-Erian, head of PIMCO, the worldâs biggest bond investment fund. âThe sense of uncertainty prevailing in the West is palpable, and rightly so,â he said. âPeople are worried about their futures. Unfortunately, things will become more unsettling in the months ahead.â http://www.telegraph.co.uk/news/politics/8905600/David-Cameron-our-plan-to-cut-debt-is-failing.html Rejoice USA! You are not alone. No western government is able to cut it's debt.