Obama urges bold action to check eurozone crisis

 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.

1 curbing   

n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 )

参考例句：

• Progress has been made in curbing inflation. 在控制通货膨胀方面已取得了进展。
• A range of policies have been introduced aimed at curbing inflation. 为了抑制通货膨胀实施了一系列的政策。

2 escalating   

v.（使）逐步升级( escalate的现在分词 )；（使）逐步扩大；（使）更高；（使）更大

参考例句：

• The cost of living is escalating. 生活费用在迅速上涨。 来自《简明英汉词典》
• The cost of living is escalating in the country. 这个国家的生活费用在上涨。 来自辞典例句

3 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

4 waning   

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

参考例句：

• Her enthusiasm for the whole idea was waning rapidly. 她对整个想法的热情迅速冷淡了下来。
• The day is waning and the road is ending. 日暮途穷。 来自《现代汉英综合大词典》

5 fluctuation   

n.(物价的)波动，涨落；周期性变动；脉动

参考例句：

• The erratic fluctuation of market prices are in consequence of unstable economy.经济波动致使市场物价忽起忽落。
• Early and adequate drainage is essential if fluctuation occurs.有波动感时，应及早地充分引流。

6 consultations   

n.磋商（会议）( consultation的名词复数 )；商讨会；协商会；查找

参考例句：

• Consultations can be arranged at other times by appointment. 磋商可以通过预约安排在其他时间。 来自《现代汉英综合大词典》
• Consultations are under way. 正在进行磋商。 来自《现代汉英综合大词典》

7 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

8 poised   

a.摆好姿势不动的

参考例句：

• The hawk poised in mid-air ready to swoop. 老鹰在半空中盘旋，准备俯冲。
• Tina was tense, her hand poised over the telephone. 蒂娜心情紧张，手悬在电话机上。

9 mandated   

adj. 委托统治的

参考例句：

• Mandated desegregation of public schools. 命令解除公立学校中的种族隔离
• Britain was mandated to govern the former colony of German East Africa. 英国受权代管德国在东非的前殖民地。

10 bloc   

n.集团；联盟

参考例句：

• A solid bloc of union members support the decision.工会会员团结起来支持该决定。
• There have been growing tensions within the trading bloc.贸易同盟国的关系越来越紧张。

11 reiterated   

反复地说，重申( reiterate的过去式和过去分词 )

参考例句：

• "Well, I want to know about it,'she reiterated. “嗯，我一定要知道你的休假日期，"她重复说。 来自英汉文学 - 嘉莉妹妹
• Some twenty-two years later President Polk reiterated and elaborated upon these principles. 大约二十二年之后，波尔克总统重申这些原则并且刻意阐释一番。

12 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

13 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

14 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

15 exuded   

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

参考例句：

• Nearby was a factory which exuded a pungent smell. 旁边是一家散发出刺鼻气味的工厂。 来自辞典例句
• The old drawer exuded a smell of camphor. 陈年抽屉放出樟脑气味。 来自辞典例句

16 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

17 chambers   

n.房间( chamber的名词复数 )；（议会的）议院；卧室；会议厅

参考例句：

• The body will be removed into one of the cold storage chambers. 尸体将被移到一个冷冻间里。 来自《简明英汉词典》
• Mr Chambers's readable book concentrates on the middle passage: the time Ransome spent in Russia. Chambers先生的这本值得一看的书重点在中间：Ransome在俄国的那几年。 来自互联网

18 chunks   

厚厚的一块( chunk的名词复数 )； （某物）相当大的数量或部分

参考例句：

• a tin of pineapple chunks 一罐菠萝块
• Those chunks of meat are rather large—could you chop them up a bIt'smaller? 这些肉块相当大，还能再切小一点吗？

19 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

20 inflate   

vt.使膨胀，使骄傲，抬高（物价）

参考例句：

• The buyers bid against each other and often inflate the prices they pay.买主们竞相投标，往往人为地提高价钱。
• Stuart jumped into the sea and inflated the liferaft.斯图尔特跳到海里给救生艇充气。