President Barack Obama was asked Friday at a news conference in the White House briefing room about the role the United States is playing in the European debt crisis. Obama took the opportunity to detail the complexities that have disrupted the fragile European economy.
"First of all, the situation in Europe is not simply a debt crisis," Obama said. "You've got some countries like Greece that have spent more than they're bringing in, and they've got problems. There are other countries that actually were running a surplus and had fairly responsible fiscal policies but had weaknesses similar to what happened here with respect to their housing market and that has weakened their financial system."