The IOC called on Tokyo to "show a sense of urgency" about finalizing its budget for the 2020 Summer Games, noting that "costs will continue to increase the longer it takes," according to Elaine Lies of REUTERS. Tokyo 2020 organizers "vowed to keep costs below" $20B. IOC VP John Coates, in Tokyo for a meeting of Olympic planners and the working group meeting, said that there were "ways that Tokyo, hosting the Summer Games for a second time, could pare costs even further." He said, "The IOC just isn't going to sign off on a budget that we think exceeds what's needed for the cost of the games." Tokyo is an expensive city in terms of rental for existing venues and other costs, but he said that "there were still savings to be made... and the sooner decisions were made, the better." Tokyo organizers said this week that they "would draw up a final budget by the end of the year" (REUTERS, 12/2). The AP's Jim Armstrong reported Coates said that the current figure "could scare off cities considering bids for future Olympics." He said, "The IOC is not in a position to accept a budget of $20B." Construction costs have "soared in part due to shortages in labor and materials as Japan continues to recover" from the '11 earthquake and tsunami. Coates "brushed aside suggestions that the showdown over cost-cutting would have a negative impact on Tokyo’s preparations." Coates: "I’m confident that (Tokyo) Governor Koike and President Mori and the two organizations that they lead can work together. We sat around a table the other day and we all agreed on two venues and we all agreed that we would postpone a final decision until more investigation was made on a third venue" (AP, 12/3).