Merkel Refutes Obama: Won't Agree to His Push For More Deficit Spending
German Chancellor Angela Merkel refuted Barack Obama and won’t agree to his insane push for more deficit spending.
The Local reported:
German Chancellor Angela Merkel directly contradicted US President Barack Obama on Saturday, saying spending cutbacks were now needed following the spate of throwing money at the global economic crisis.
Referring to the G20 summit in Canada next weekend, Merkel said in a videotaped message that “we are going to discuss when to quit the phase of short-term measures and go on to lasting budget consolidation.”
Such a move was “urgently necessary, in the view of the Europeans and particularly of Germany,” she said.
Obama urged the world’s leading economies Friday to avoid scaling back government spending too quickly or risk derailing the global recovery.
“We worked exceptionally hard to restore growth; we cannot falter or lose strength now,” Obama said in a letter to G20 leaders ahead of a June 26-27 summit in Toronto.
“Our highest priority in Toronto must be to safeguard and strengthen the recovery,” Obama said in the letter dated June 16, but released Friday amid concerns about the pace of the global recovery.