U.S. Eases Its Stance on Global Stimulus

The Obama administration on Saturday moved to quell a public war of words with European leaders over the need to boost government spending to combat the financial crisis, making clear it has no desire to dictate spending targets for other countries.
The diplomatic effort comes as President Obama prepares to make his first trip across the Atlantic this week for a series of meetings, including Thursday's economic summit in London. In recent days, European leaders have sharply criticized the United States, which they said was pushing them for more global stimulus.
The summit, which will bring together heads of state from more than 20 nations, inspired tens of thousands of protesters to take the streets of European capitals Saturday to voice distress over economic issues. U.S. and European officials say nations are set to agree on a number of sweeping measures, including a broad overhaul of global financial regulations and an expanded role for the International Monetary Fund.
But Europe and the United States, while set to agree on doing "whatever is necessary" to revive the economy, appear at odds philosophically over how much more government spending is necessary to jump-start the economy, now poised for the first global recession since World War II.