World leaders attend the family photo session during the G-8 Summit at Camp David, Md., Saturday, May 19, 2012. From left are European Commission President Jose’ Manuel Barroso, Russian Prime Minister Dmitry Medvedev, Japanese Prime Minister Yoshihiko Noda, Canadian Prime Minister Stephen Harper, French President Francois Hollande, U.S. President Barack Obama, German Chancellor Angela Merkel, British Prime Minster David Cameron, Italian Prime Minister Mario Monti, and European Council President Herman Van Rompuy. (AP Photo/Philippe Wojazer, Pool)
CAMP DAVID, Md. (AP) — Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.
“There’s now an emerging consensus that more must be done to promote growth and job creation right now,” Obama proclaimed after hosting unprecedented economic talks at Camp David, his secluded and highly secure mountaintop retreat. Seeking a second term amid hard economic times, Obama hailed a debate heading in the direction he likes, with nations now talking of ways to spark their economies instead of just slashing spending.
Yet there were no bold prescriptions at hand. Instead, leaders seemed intent on trying to inspire confidence by agreeing on a broad strategy no matter their differences. With all of them facing their own difficult political realities, they built some sovereign wiggle room into their pledge to take all necessary steps, saying “the right measures are not the same for each of us.”
Obama played international host as Europe’s debt crisis threatens to drag down the U.S. recovery and his own political future, underscoring the stakes for him in getting allies abroad to rally around some answers.
Much of the new emphasis on government-led growth seemed aimed at German Chancellor Angela Merkel, Login to read more