Los Angeles Times
November 11, 2010 Thursday
U.S. on the defensive at G-20 summit.
By Don Lee and Christi Parsons
President Obama arrived here on the defensive Wednesday for a two-day meeting with leaders of the world's biggest economies, a summit that had raised hopes of charting a common path to a more balanced global recovery but instead threatened to founder amid competing national interests.
Obama must now contain a gathering storm over the recent U.S. decision to pump billions of dollars into the American financial system. The move is aimed at spurring U.S. jobs and exports with cheaper credit, but it has drawn the U.S. into a confrontation with other export-driven economies, notably China and Germany, as well as nervous emerging nations.
Although the U.S. economy is still struggling to recover from a devastating recession, some of its chief competitors are growing briskly and are in no mood to sacrifice on Washington's behalf.
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