ABC News' Karen Travers reports: President Obama said he was "gratified" by the progress made early this morning on Capitol Hill on legislation to reform Wall Street and said the bill includes "the toughest financial reform since the ones we created in the aftermath of the Great Depression." Asked by a reporter if he could get the bill through the Senate, Obama said, “You bet.” Obama said the agreement reached between House and Senate negotiators represents 90 percent of what he originally proposed. “Our economic growth and prosperity depend on a strong, robust financial sector, and I will continue to do what I can to foster and support a dynamic sector,” he said before departing the White House for the G8/G20 summits in Canada. Obama heads to Canada today for three days of meetings with world leaders. At the top of the agenda – securing the global economic recovery.
When the leaders of the world’s 20 largest economies met in London last spring, the global economy was teetering on the brink of collapse. Today the situation is more stable but the solidarity among world leaders has evaporated when it comes to the best way to keep a still fragile economy growing.
President Obama is pushing his colleagues to keep up stimulus spending, but Europe’s debt crisis has made world leaders hesitant to do that without also addressing skyrocketing deficits. This morning he said he hopes the leaders can build on the progress of the past G20 summits by “by coordinating our efforts to promote economic growth, to pursue financial reform and to strengthen the global economy.” “We need to act in concert for a simple reason -- this crisis proved, and events continue to affirm, that our national economies are inextricably linked,” he said. “And just as economic turmoil in one place can quickly spread to another, safeguards in each of our nations can help protect all nations.” -Karen Travers