MW: Obama tells G20 U.S. growth key to dollar: report
By William L. Watts
LONDON (MarketWatch) -- U.S. President Barack Obama told fellow Group of 20 leaders that a strong U.S. economic recovery is the key contribution the nation can make to a global recovery, Reuters reported Wednesday. In a letter to G20 leaders preparing to meet in Seoul, Obama said the dollar's strength "ultimately rests on the fundamental strength of the U.S. economy." Obama said Washington is committed to fiscal consolidation as the recovery strengthens, Reuters reported, but said a strong and durable recovery won't materialize if American households stop saving and return to spending based on borrowing. Meanwhile, economies that have relied on exports to offset weakness in their own demand must also change, he said.
