WASHINGTON: The United States is not expecting G20 countries to come to next week's summit in London with a commitment to spend more right now to
G20 protest
Fiscal stimulus major in G20 countries
stimulate the economy, top White House officials said on Saturday.
But the officials said President Barack Obama would stress the need for "significant stimulus" to jumpstart the ailing world economy during the meeting of leaders from the world's major economies.
Obama and his aides have played down evidence of a transatlantic rift over whether the G20 meeting should emphasize spending or regulatory reform to help the economy. The president has said both are necessary.
Michael Froman, U.S. deputy national security adviser for international economic affairs, told reporters in a conference call that Obama was not going to the summit to tell other nations to spend more.
"Despite the back and forth in the press on this issue, nobody has asked and nobody is asking any country to come to London to commit to do more right now," he said.
"I think what we do have a consensus around -- and I think that consensus is broadly shared ... is that the G20 agrees as a whole that we'll do whatever is necessary to restore global growth."
White House spokesman Robert Gibbs, also playing down any tensions, said a lot of spending already had taken place.
"If you look at what has been done by the nations that comprise the G20, which is 85 percent of the people in the world, roughly, you've already had economic recovery and stimulus that equals about 1.8 percent of GDP in those 20 nations," he said.
"There's already been significant action taken across the globe and we think that's positive for getting the global economy moving again."
Froman said stimulus or spending measures would be one leg of a four-part program that G20 leaders would focus on to restore growth."
"First is putting in place significant stimulus to get growth going again," he said. "Secondly, fixing each of our financial systems to get lending flowing; third, avoiding protectionism; and fourth, taking steps to minimize the spread of the crisis to emerging markets and developing countries."
German Chancellor Angela Merkel said earlier this month Germany had spent more than its fair share to boost its economy and warned against a rush to enact new stimulus measures.
G20 protest
Fiscal stimulus major in G20 countries
stimulate the economy, top White House officials said on Saturday.
But the officials said President Barack Obama would stress the need for "significant stimulus" to jumpstart the ailing world economy during the meeting of leaders from the world's major economies.
Obama and his aides have played down evidence of a transatlantic rift over whether the G20 meeting should emphasize spending or regulatory reform to help the economy. The president has said both are necessary.
Michael Froman, U.S. deputy national security adviser for international economic affairs, told reporters in a conference call that Obama was not going to the summit to tell other nations to spend more.
"Despite the back and forth in the press on this issue, nobody has asked and nobody is asking any country to come to London to commit to do more right now," he said.
"I think what we do have a consensus around -- and I think that consensus is broadly shared ... is that the G20 agrees as a whole that we'll do whatever is necessary to restore global growth."
White House spokesman Robert Gibbs, also playing down any tensions, said a lot of spending already had taken place.
"If you look at what has been done by the nations that comprise the G20, which is 85 percent of the people in the world, roughly, you've already had economic recovery and stimulus that equals about 1.8 percent of GDP in those 20 nations," he said.
"There's already been significant action taken across the globe and we think that's positive for getting the global economy moving again."
Froman said stimulus or spending measures would be one leg of a four-part program that G20 leaders would focus on to restore growth."
"First is putting in place significant stimulus to get growth going again," he said. "Secondly, fixing each of our financial systems to get lending flowing; third, avoiding protectionism; and fourth, taking steps to minimize the spread of the crisis to emerging markets and developing countries."
German Chancellor Angela Merkel said earlier this month Germany had spent more than its fair share to boost its economy and warned against a rush to enact new stimulus measures.