U.S.: Taxpayers won't pay European debt

WASHINGTON — President Barack Obama said Monday the United States stands ready to do its part to help Europe with its debt crisis, even as the White House ruled out any financial contributions from U.S. taxpayers.

But European Commission President Jose Manuel Barroso warned that decisions on how to solve the economic woes could take time.

"If Europe is contracting, or if Europe is having difficulties, then it's much more difficult for us to create good jobs here at home," Obama said at the conclusion of the daylong summit.

Although Obama has offered support to his European peers, the U.S. believes Europeans have the financial capacity to solve the debt crisis on their own.

But some U.S. allies, including Finland and the Netherlands, have called for the International Monetary Fund to be bolstered with more capital to help keep the debt crisis from spreading.

The U.S. is the single-biggest stakeholder in the IMF. Earlier Monday, White House spokesman Jay Carney said the IMF has substantial resources already.

FITCH KEEPS RATING: Fitch said it will keep its rating for long-term U.S. debt at the top AAA level, despite a congressional panel's failure to agree on long-term deficit cuts. But it is lowering its outlook to negative. The rating agency said it has less confidence in the federal government's ability to take the necessary steps to rein in the deficit.

U.S.: Taxpayers won't pay European debt 11/28/11 [Last modified: Monday, November 28, 2011 11:12pm]

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