BREAKING NEWS

Obama: Strong US economy key to global recovery

By ASSOCIATED PRESS

NOVEMBER 10, 2010 17:48

SEOUL, South Korea — President Barack Obama said on Wednesday a strong, job-creating economy in the United States would be the country's most important contribution to a global recovery as he pleaded with world leaders to work together despite sharp differences.

Arriving in South Korea on Wednesday for the G-20 summit, Obama is expected to find himself on the defensive because of plans by the Federal Reserve to buy $600 billion in long-term government bonds to try to drive down interest rates, spur lending and boost the US economy. International critics have said that the move would give American goods an unfair advantage in the global market.

In a letter sent Tuesday to leaders of the Group of 20 major economic powers, Obama defended the steps his administration and Congress have taken to help the economy.

"The United States will do its part to restore strong growth, reduce economic imbalances and calm markets," he wrote. "A strong recovery that creates jobs, income and spending is the most important contribution the United States can make to the global recovery."

"When all nations do their part — emerging no less than advanced, surplus no less than deficit — we all benefit from higher growth," the president said in the letter.

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