News / Americas

US Sees Progress at G8 on Economic Concerns

US President Barack Obama gestures alongside French President Nicolas Sarkozy and Canadian Prime Minister Stephen Harper at the Deerhurst Resort at Muskoka, in Huntsville, Ontario, Canada, 25 Jun 2010
US President Barack Obama gestures alongside French President Nicolas Sarkozy and Canadian Prime Minister Stephen Harper at the Deerhurst Resort at Muskoka, in Huntsville, Ontario, Canada, 25 Jun 2010

Leaders of the Group of Eight (G8) nations continue discussions on Saturday focusing on ways to continue global economic recovery, while balancing stimulus with the need to bring down deficits. President Barack Obama on Friday urged leaders to build on past commitments, and senior U.S. officials said there was an emerging consensus on issues of sustaining growth, and fiscal responsibility.

After the first day of G8 discussions at a resort north of Toronto, some optimism was heard about a major question, whether member nations will be able to agree on a way forward to balance the need for more growth with action to hold down deficit spending.

Senior U.S. administration officials said President Obama stressed the need to maintain durable growth while saying the United States believes this should also involve fiscal consolidation and debt reduction in the medium term.

While there were different points of emphasis, U.S. officials said there was a "convergence of views" and a broad consensus on how to maintain growth while reaffirming a shared commitment to fiscal consolidation.

The G8 includes the U.S., Canada, Britain, Germany, France, Italy, Japan and Russia.  The larger G20 which begins its summit on Saturday includes major emerging powers as China, India and Brazil.

In pre-summit remarks on Friday, Mr. Obama said he hopes the G8 will build on progress already made by coordinating efforts for economic growth.

"We need to act in concert for a simple reason," he said. "This crisis proved and events continue to affirm that our national economies are inextricably linked, and just as economic turmoil in one place can quickly spread to another, safeguards in each of our nations can help protect all nations."

President Obama came to Canada strengthened by an agreement in the U.S. Congress on a final version of legislation to reform the U.S. financial system, a measure that could reach his desk soon if it is passed by both chambers of Congress.

Saying he is confident there will be consensus on a range of issues at the G8, Canadian Prime Minister Stephen Harper said the U.S. financial reform victory could drive the G20 toward a similar result.

"I believe the progress that the U.S. has made will be be important in driving the world not just to agreements here but to conclusions on financial regulation within the kind of time frame we have been looking at," he said.

Many G8 leaders face demands in their countries for greater restraint in public spending and pressure to sharply reduce government budgets and deficits.   Canada's Prime Minister Harper has called on G-20 nations to cut their deficits in half by 2013.

G8 leaders also met with their counterparts from Africa who were invited to the summit, and leaders from Haiti, Jamaica and Colombia, talks focusing on Millennium Development goals and policy, and maternal and child health.

Senior administration officials said Mr. Obama stressed the importance of mutual accountability and building sustainable systems in Africa, with African leaders echoing these views.  There was a call for accountability reports next year from African governments and from the G8.

Canada on Friday announced a new G8 initiative to direct new resources to reducing maternal and infant mortality.  A White House statement Friday listed areas in which the U.S. has fulfilled pledges in areas such as aid to Africa, debt relief, and global health and HIV/AIDS prevention.

On Saturday, G8 leaders will discuss global security issues, including Iran and North Korea.  President Obama has the first of his bilateral meetings, including British Prime Minister David Cameron, China's President Hu Jintao and President Lee Myung-bak of South Korea.


You May Like

Photogallery Americans Celebrate Thanksgiving With Feasts, Festivities

Holiday traditions include turkey dinners, 'turkey trots,' American-style football and New York parade with giant balloons More

Video For Obama, Ferguson Violence is a Personal Issue

With two years left in term, analysts say, president has less to lose by taking conversation on race further More

Video Italian Espresso Expands Into Space

When Italian astronaut Samantha Cristoforetti headed for the ISS, her countrymen worried how she would survive six months drinking only instant coffee More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
To Make A Living, Nairobi Street Vendors Face Legal Hurdles, Physical Violencei
X
Lenny Ruvaga
November 27, 2014 7:05 PM
The Nairobi City Council has been accused of brutality in dealing with hawkers in the Central Business District - in order to stop them from illegally selling their wares on the streets. Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video To Make A Living, Nairobi Street Vendors Face Legal Hurdles, Physical Violence

The Nairobi City Council has been accused of brutality in dealing with hawkers in the Central Business District - in order to stop them from illegally selling their wares on the streets. Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video For Obama, Ferguson Violence is a Personal Issue

Throughout the crisis in Ferguson, Missouri, President Barack Obama has urged calm, restraint and respect for the rule of law. But the events in Ferguson have prompted him to call — more openly than he has before — for profound changes to end the racism and distrust that he believes still exists between whites and blacks in the United States. VOA White House correspondent Luis Ramirez reports.
Video

Video Online Magazine Gets Kids Discussing Big Questions

Teen culture in America is often criticized for being superficial. But an online magazine has been encouraging some teenagers to explore deeper issues, and rewarding their efforts. VOA religion reporter Jerome Socolovsky went to this year’s Kidspirit awards ceremony in New York.
Video

Video US Community Kicks Off Thanksgiving With Parade

Thursday is Thanksgiving in the United States, a holiday whose roots go back to the country's earliest days as a British colony. One way Americans celebrate the occasion is with parades. Anush Avetisyan takes us to one such event on the day before Thanksgiving near Washington, where a community's diversity is on display. Joy Wagner narrates
Video

Video Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Change

Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Mali Attempts to Shut Down Ebola Transmission Chain

Senegal and Nigeria were able to stop small Ebola outbreaks by closely monitoring those who had contact with the sick person and quickly isolating anyone with symptoms. Mali is now scrambling to do the same. VOA’s Anne Look reports from Mali on what the country is doing to shut down the chain of transmission.
Video

Video Ukraine Marks Anniversary of Deadly 1930s Famine

During a commemoration for millions who died of starvation in Ukraine in the early 1930s, President Petro Poroshenko lashed out at Soviet-era totalitarianism for causing the deaths and accused today’s Russian-backed rebels in the east of using similar tactics. VOA’s Daniel Shearf reports from Kyiv.
Video

Video Hong Kong Protests at a Crossroads

New public opinion polls in Hong Kong indicate declining support for pro-democracy demonstrations after weeks of street protests. VOA’s Bill Ide in Guangzhou and Pros Laput in Hong Kong spoke with protesters and observers about whether demonstrators have been too aggressive in pushing for change.
Video

Video US Immigration Relief Imminent for Mixed-Status Families

Tens of thousands of undocumented immigrants in the Washington, D.C., area may benefit from a controversial presidential order announced this week. It's not a path to citizenship, as some activists hoped. But it will allow more immigrants who arrived as children or who have citizen children, to avoid deportation and work legally. VOA's Victoria Macchi talks with one young man who benefited from an earlier presidential order, and whose parents may now benefit after years of living in fear.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.

All About America

AppleAndroid

More Americas News

Venezuela Says Will Push OPEC Until Oil Reaches $100

Saudi Arabia blocked calls from poorer members of the OPEC oil exporter group for production cuts at a meeting in Vienna
More

Mexican Leader Announces Nationwide Crime Crackdown

Announcement comes as 11 mutilated bodies found in violence-racked Guerrero state
More

Soccer Icon Pele Moved to Special Care Unit

Legendary soccer player's personal aide says Pele, who is suffering a urinary tract infection, is 'completely fine,' move was primarily to protect his privacy
More

Venezuela’s Military Introduces Hugo Chavez Course

Fans say it promotes late leader’s humanist values; critics deride it as deification
More

Video Talks on New UN Climate Treaty Set Next Week in Peru

Representatives from 200 countries will discuss emissions reductions, setting stage for broader talks in 2015
More

Colombia's FARC Free Two Soldiers to Restart Talks

Troops taken captive in restive eastern department of Arauca in November 9 military operation freed with help of ICRC
More