Obama Gets No Trade Deal, Defends U.S. Decisions

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The global recession is at the top of the agenda for President Barack Obama and other world leaders when the meet on Thursday in South Korea for the G-20 summit. However, the president has found himself on the defensive as some countries accuse the U.S. of making bad economic decisions.

President Obama is facing fierce global criticism over American economic policy. Other countries have questioned the latest U.S. effort to jump start the economy by buying a massive amount of Treasury bonds.

Obama defended efforts to promote growth and climb out of the country's deep recession.

"The most important thing that the United States can do for the world economy is to grow, because we continue to be the world largest market and a huge engine for all other countries to grow," he said.

Yet, the president would not comment on the decision by the Federal Reserve to buy $600 billion in bonds. That move has angered some of America's biggest trading partners like China and Germany.

Despite the disagreements, the president said he expects broad agreement on how to achieve economic growth.

Obama suffered a sharp setback when the U.S. and Korea failed to reach an agreement on free trade, though the countries will continue to try and resolve differences over U.S. access to Korean markets.

"We don't want months to pass before this is done," the president said. "We want this to be done in a matter of weeks."

Meanwhile, Obama did take a brief break from the economic discussions. On Thursday, which is Veteran's Day, he acknowledged the sacrifice of America's veterans -- speaking to some 30,000 U.S. military personell serving in Korea.

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Charlene  Aaron

Charlene Aaron

CBN News Reporter

Charlene Aaron serves as a general assignment reporter and helps anchor for the CBN News Channel.  Follow her on Twitter @CharNews and "like" her at Facebook.com/CharleneIsraelCBNNews.