Obama says Eurozone crisis might affect his re-election

US President Barack Obama is acknowledging that Europe’s economic situation could have a spillover effect on his own re-election prospects, The Associated Press reported.
Wrapping up the Group of 20 economic summit of world leaders, Obama expressed confidence in Europe’s ability to right its own financial ship. He said he was hopeful that voters would validate his own efforts come November if he stayed focused on strengthening both the US and world economies and creating more jobs at home. 
“I’ve consistently believed that if we take the right policy steps, if we’re doing the right thing, then the politics will follow, and my mind hasn’t changed on that,” the president said a news conference in this Mexican resort Tuesday at the close of what is expected to be his last foreign trip before the November election. He returned to Washington early Wednesday.
Obama said he was encouraged that European leaders understood the depth of the problem and were working in unison to address it.
“Even if they cannot achieve all of it in one fell swoop, I think if people have a sense of where they are going, that can provide confidence and break the fever,” Obama said.
Obama urged Congress to focus on steps it could take to boost job creation and economic growth, pitching legislation he proposed months ago that has little chance of garnering Republican support in an election year.
All sides at the G-20 summit seemed intent on sending confident signals to jittery markets and unhappy electorates.
Underscoring the stakes, Obama broke from the main summit Tuesday for a brief meeting with leaders from Britain, Germany, Italy, France, Spain and the European Union.
Despite the words of unity, European leaders showed signs that they have heard enough about their troubles, particularly from Americans. Memories linger of the 2008 financial crash that was born in the United States and destroyed jobs and wealth.
“The eurozone has a serious problem, but it is certainly not the only imbalance in the world economy,” Italian Prime Minster Mario Monti said. He said the United States’ own financial problems were mentioned in G-20 talks “by almost everybody, including President Obama.”   Read more... (365 words)

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