LONDON (CNNMoney) - A tentative recovery in the global economy is running out of steam and growth could weaken further due to Europe's debt crisis and inaction over a looming fiscal squeeze in the United States, the International Monetary Fund said Monday.

In its latest World Economic Outlook, the IMF predicted global growth of 3.3% this year, down 0.2% from July. The IMF was also more pessimistic about 2013, when it expects growth of only 3.6%, down from its previous forecast of 3.9%.

"The recovery has suffered new setbacks, and uncertainty weighs heavily on the outlook," the IMF said. "A key reason is that policies in the major advanced economies have not rebuilt confidence in medium-term prospects."

The U.S. economy is projected to grow 2.2% this year and 2.1% in 2013, according to the report. In July, the IMF projected 2% growth this year and 2.3% in 2013.

The IMF said growth would be even weaker than forecast if eurozone leaders fail to take further measures to support ailing members of the 17-nation currency union, and if the United States drives headlong over the so-called fiscal cliff - a $7 trillion program of automatic tax increases and spending cuts that start taking effect at midnight on Dec. 31.

This morning on "Early Start," Christine Romans explains what this new IMF report could mean for the global economy.

READ MORE: IMF: Slow growth, big risks

The one thing you need to know about your money today: Time to take stock in your 401k this year. If you’re periodically rebalancing your portfolio – it doesn’t really matter what happens from here to the end of the year. Not sure how to do that? Take this quiz to make sure you have the right mix of stocks bonds and cash for the long haul.

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Christine Romans is minding your business this morning with what to expect from the September jobs report releasing later this morning. She says the recovery is sluggish and the trend is expected to continue. “But we’re starting to grow jobs consistently every month.”

Christine Romans minds your business with what to spend on and what to hold off on in the month of October.

WASHINGTON (CNNMoney) - Microsoft has saved nearly $7 billion off its U.S. tax bill since 2009 by using loopholes to shift profits offshore, a Senate panel said in a report released Thursday.

Hewlett-Packard also avoided paying taxes through a series of loans, some spanning 30 months, that shifted billions of dollars between two offshore subsidiaries, according to the Senate panel.

This morning on "Early Start," Christine Romans explains how the US tax code loopholes allows for companies to shift profits offshore.

READ MORE: Senate Report: Offshore havens saved Microsoft $7B in taxes