President Obama, acknowledging the perilous situation facing economies worldwide, is pushing for global leaders to boost emergency economic spending.
All sides are looking to avoid a breakdown at the summit that would roil markets, which are already wary about whether government leaders know how to stem the economic decline, say U.S. officials and international economists. Expectations of the summit are high: A coordinated response is seen as critical so each government’s efforts reinforce, rather than impede, the efforts of others.
The differences could be hashed out this coming weekend in London at a meeting of finance ministers from the G-20, and in Washington, in the steady stream of global leaders and finance ministers visiting Mr. Obama.
U.S. officials, who could receive support from China and other countries with big stimulus programs, contend additional government spending is needed to reduce the depth and length of the downturn.
