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WASHINGTON, June 8 (Xinhua) -- In a hastily arranged White House press conference on Friday, U.S. President Barack Obama pressed for a bigger role of government in curbing1 the simmering eurozone debt crisis and boost the anemic growth on both sides of the Atlantic Ocean.
Eurozone debt crisis posed a big threat to the U.S. economic recovery, with the region facing the risk of a renewed recession, Obama told reporters.
The press conference came after a weak job report and a string of other economic data showing U.S. economic growth was slowing and the impacts of the escalating2 eurozone debt crisis had reached U.S. shores, putting pressure on U.S. policy makers3 to take action.
Experts held that the two-year-old eurozone debt crisis, the epicenter of the global economic slowdown, posed formidable challenges to the United States through waning4 exports and financial markets fluctuation5 and dimmed the outlook of Obama's reelection bid.
"Obviously this matters to us because Europe is our largest economic trading partner. If there's less demand for our products in places like Paris or Madrid it could mean less businesses -- or less business for manufacturers in places like Pittsburgh or Milwaukee," said Obama.
He has been in close consultations6 with European leaders to discuss developments of the eurozone debt turmoil7 in recent weeks, ahead of a critical Greek election.
Greece is poised8 to conduct a second round of general election on June 17, in a bid to resolve the political stalemate after the May 6 national election that produced a legislature divided among supporters and critics of the austerity measures mandated9 by the global rescue package. Standard & Poor's earlier this week forecast a one-in-three chance that Greece will exit the currency bloc10.
"With respect to Greece, which has important elections next weekend, we've said that it is in everybody's interest for Greece to remain in the eurozone while respecting its commitments to reform," Obama reiterated11 the stance in the declaration of Group of Eight (G8) leaders at the Camp David summit he hosted last month.
Obama stressed the importance of checking Spain's banking12 crisis, as investors13 were worried that Spain might seek an international bailout like Greece.
"In the short term, they've got to stabilize14 their financial system. And part of that is taking clear action as soon as possible to inject capital into weak banks," he added.
However, Obama exuded15 confidence in European leaders' capacity to contain the two-year-old crisis, saying that "the decisions required are tough, but Europe has the capacity to make them".
The White House has used the eurozone debt turmoil as a new line of attack against his rival Republican lawmakers, urging them to pass the full 447-billion-dollar American Jobs Act presented by the administration to Congress last September to spur job creation and guard against economic slowdown risks in other parts of the world.
The extension of payroll16 tax cuts incorporated in the bill was passed by both chambers17 of Congress, while other major chunks18 of the bill including more infrastructure19 projects were killed by Republicans.
"If Congress had passed it in full, we'd be on track to have a million more Americans working this year. The unemployment rate would be lower. Our economy would be stronger," Obama charged.
"Right now, people in this town should be focused on doing everything we can to keep our recovery going and keeping our country strong," added Obama, a Democratic.
Obama attracted sharp criticism from top GOP leaders within hours of his remarks, indicating that no major policy moves could be easily achieved in this presidential and congressional election year.
"Whether the president wants to acknowledge it or not, we are now living in the Obama Economy, and no 'post-it note' proposal can reverse the damage done by his policies over the past three and a half years," U.S. Senate Republican leader Mitch McConnell criticized in a statement.
"It's baffling that in the face of all evidence to the contrary, this president still believes that spending money we don't have to inflate20 the government is the answer to America's economic problems," said the top GOP senator, fresh evidence of clashes between the two parties' economics and governance ideas.
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1
curbing
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| n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 ) | |
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2
escalating
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| v.（使）逐步升级( escalate的现在分词 )；（使）逐步扩大；（使）更高；（使）更大 | |
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makers
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| n.制造者，制造商（maker的复数形式） | |
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waning
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| adj.（月亮）渐亏的，逐渐减弱或变小的n.月亏v.衰落( wane的现在分词 )；（月）亏；变小；变暗淡 | |
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fluctuation
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| n.(物价的)波动，涨落；周期性变动；脉动 | |
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consultations
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| n.磋商（会议）( consultation的名词复数 )；商讨会；协商会；查找 | |
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turmoil
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| n.骚乱，混乱，动乱 | |
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poised
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| a.摆好姿势不动的 | |
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mandated
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| adj. 委托统治的 | |
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bloc
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| n.集团；联盟 | |
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reiterated
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| 反复地说，重申( reiterate的过去式和过去分词 ) | |
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12
banking
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| n.银行业，银行学，金融业 | |
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investors
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| n.投资者，出资者( investor的名词复数 ) | |
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14
stabilize
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| vt.（使）稳定，使稳固，使稳定平衡；vi.稳定 | |
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exuded
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| v.缓慢流出，渗出，分泌出( exude的过去式和过去分词 )；流露出对（某物）的神态或感情 | |
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payroll
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| n.工资表，在职人员名单，工薪总额 | |
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17
chambers
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| n.房间( chamber的名词复数 )；（议会的）议院；卧室；会议厅 | |
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18
chunks
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| 厚厚的一块( chunk的名词复数 )； （某物）相当大的数量或部分 | |
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infrastructure
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| n.下部构造，下部组织，基础结构，基础设施 | |
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20
inflate
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| vt.使膨胀，使骄傲，抬高（物价） | |
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