Reuters: US Dollar Report: UPDATE 1-Obama says US backs 'decisive action' in euro-zone debt crisis

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UPDATE 1-Obama says US backs 'decisive action' in euro-zone debt crisis Aug 1st 2012, 00:22 Tue Jul 31, 2012 8:22pm EDT WASHINGTON, July 31 (Reuters) - President Barack Obama reiterated his support for "decisive action" to resolve the euro zone debt crisis in talks with Italian Prime Minister Mario Monti on Tuesday, the White House said. Obama's discussions with Monti focused on economic developments in the euro zone, the White House said. U.S. officials are worried that the economic fallout in Europe over the debt crisis could further weaken an already struggling U.S. economy ahead of the Nov. 6 presidential and congressional elections. Obama's re-election bid is threatened by high U.S. unemployment and sluggish U.S. economic growth. U.S. economic growth slowed in the second quarter to a 1.5 percent annual rate, the weakest pace in a year, the Commerce Department said on Friday. On Monday, Obama warned of some "continued headwinds" over the next several months, adding that Europe's economic woes remain a challenge. The White House said in a statement following the meeting with Monti that Obama has been in regular contact with Europe's leaders on the state of the European economy. The statement noted that European officials have said they were committed to preserving the euro.

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