US treasury undersecretary John Taylor said the health of the global economy demands the US cut its record budget deficit and European and Asian governments pursue policies that promote economic growth and flexible currencies. Speaking in London before meeting finance ministers and central bankers from the Group of Seven industrial nations, Taylor said the US' aim at the talks is to encourage faster global economic growth. The US economy last year outpaced the expansion in the dozen nations that share the euro for the 11th time in 12 years and Japan remains mired in deflation.