G20 Nations Want Deficits Cut, Obama Disagrees

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President Barack Obama is disagreeing with other world leaders about the next step in fighting the global recession.

At the G-20 Summit held over the weekend in Toronto, Canada, leaders from the world's top economies said countries should focus on cutting their growing budget deficits. The warning comes after the recent Greek debt crisis sparked fears of financial collapse.

"Other countries have seen what has happened to Greece and they have gotten worried. They are facing deficits and debt burdens that are overwhelming," said Mark Zandi, chief economist at Moody's Analytics.

Canadian Prime Minister Stephen Harper says now is the time for nations to get their "fiscal houses in order". But President Obama says he thinks the world may still need more stimulus spending to aid the economic recovery.

Obama said he would call on Congress next year to address the deficit problem, which has grown into a major concern among Republican lawmakers and voters.

"Next year when I start presenting some very difficult choices to the country, I hope some of these folks who are hollering about deficits and debt step up, because I'm calling their bluff," he said.

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