Obama Tells L.A. Fundraiser He's Kept 60 Percent of 2008 Promises

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LOS ANGELES (Reuters) - President Barack racked up cash for his re-election campaign at fundraisers in Nevada and California on Monday, declaring that he had kept 60 percent of the promises he made as a candidate in 2008.

Obama is in the middle of a three-day swing through battleground states in the West, a trip that Republicans have blasted as evidence that he cares more about saving his own job than helping unemployed Americans.

Mixing official White House business with stops to raise funds, Obama -- who is far ahead of his rivals in campaign cash -- is working to expand the financial advantage he hopes to maintain next year.

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As part of his message at one fundraiser, where some 40 donors each paid $35,800 to attend, Obama listed his accomplishments since entering office in 2009 and said he needed more time to finish what his administration had begun.

"A lot of the things that we promised we'd do, we've done," Obama said, citing healthcare reform and ending the "don't ask, don't tell" policy preventing gay men and women from serving openly in the U.S. military.

"I carry around a little checklist, and I think we've got about 60 percent of it done so far. And that's not bad for three years, because I need another five."

Obama, whose small audience included actor Will Smith and former basketball star Magic Johnson, touted an initiative he announced earlier to help struggling homeowners refinance their mortgages.

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"That could free up billions of dollars for American consumers who can then shop and go to Will's movies, spend money at whatever business Magic has these days, and could help grow the economy overall," he said.

Obama held a second fundraiser in the Los Angeles area at the home of actress Melanie Griffith and actor Antonio Banderas. Tickets for the roughly 200 guests started at $5,000 a head.

At a fundraiser in Las Vegas, nearly 300 people paid between $1,000 and $35,800 to hear Democratic president draw a contrast between himself and the Republicans running to replace him in next year's election.

"The Republicans in Congress and the Republican candidates for president have made their agenda very clear," Obama said.

[See photos of 2012 GOP hopefuls on the campaign trail]

"They have two basic economic principles: first, tax cuts for the very wealthiest and the biggest corporations...Second is just about every regulation that's out there they want to get rid of -- clean air, clean water -- you name it."

Republicans charge that Obama's administration has instituted too many regulations that strangle businesses and hurt the economy. Former Massachusetts governor Mitt Romney, the frontrunner for the Republican presidential nomination, has pledged to repeal Obama's healthcare reform law if he prevails over Obama in 2012.

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IMF promises support for economy

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24 September 2011 Last updated at 20:26 GMT Christine Lagarde: "I'm very encouraged by the strong dialogue between the membership and the IMF"

The IMF says it will take decisive action to tackle the eurozone debt crisis and support the global economy.

In a communique on Saturday, the global lender said it would review the resources it had available to tackle the crisis.

The statement added that eurozone nations would do "whatever necessary" to resolve Europe's debt crisis.

Following the statement, UK chancellor George Osborne said there was "no plan" for a Greek default.

However, the communique, issued during a meeting between G20 finance ministers, the IMF and the World Bank, did not give specifics on whether extra funds would be available to the global fund.

"Our lending capacity of almost $400 billion looks comfortable today but that pales in comparison with the potential financing needs of vulnerable countries and crisis bystanders," said IMF managing director Christine Lagarde in an action plan presented to the fund's policy steering panel.

The IMF's statement also called for governments to take steps to shore up the banking system.

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There still seems to be a large gap between what economists and markets say is needed - and politicians are able to provide. ”

End Quote Stephanie Flanders Economics editor, BBC News Banks holding large amounts of European sovereign debt have come under pressure from investors concerned about losses if those debts are not repaid.

"Advanced economies will ensure that banks have strong capital positions and access to adequate funding," said the communique.

The IMF, it said, would develop mechanisms to assist troubled financial institutions working across national borders.

Mr Osborne said eurozone members had agreed on the need to take decisive action to tackle the crisis.

Speaking in Washington, the chancellor said allowing Greece to default on its debts was not one of the proposals.

"No-one here has put forward a plan for that," said Mr Osborne.

The weekend meeting comes after another week of volatility on the world's share markets.

In Europe, the main share indexes in London, Paris and Frankfurt all fell about 4% over the week.

Market fears

The IMF statement follows a similar communique from the G20 group of leading economies on Friday.

The G20 committed "to take all necessary actions to preserve the stability of banking systems and financial markets as required".

It said it would follow up this pledge with a "bold action plan" at the beginning of November.

That statement left many analysts uncertain as to the direction of policy.

"The statement from the G20 last night may have taken the edge off the current bitter market sentiment, but the reassurances from the finance ministers lack substance," said Jane Foley at Rabobank.

"Until politicians back their actions with words in respect to moving closer to a solution to the eurozone debt crisis, markets will continue to worry about a messy and painful outcome from the eurozone debt crisis."

Governments have so far given little hint of what action they may take, but markets have long been calling for a substantial increase in the eurozone's communal bailout fund, the European Financial Stability Facility (EFSF), from its agreed level of 440bn euros ($596bn; £385bn).

Many investors also want the eurozone to issue bonds guaranteed by every one of the 17-member nations - so-called eurobonds. However, a number of policymakers, particularly those in Germany, have resisted the idea.

In July, European finance ministers proposed making the EFSF more flexible, allowing it to buy individual government bonds - which would bring down the cost of borrowing for heavily indebted nations - and to offer emergency credit lines to banks. However, the proposals have not yet been ratified.

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That money had just gone in two or three weeks due to a very sharp downturn in a very short period of time”

End Quote John Frary from Bedfordshire has seen his retirement fund fall by £7,000 in value in four weeks The IMF said it was critical that this agreement be implemented.

Sense of urgency

Analysts say far swifter action is needed in order to soothe investors' jittery nerves.

Jim O'Neill, chairman of Goldman Sachs Asset Management, suggested this weekend's meeting in Washington could mark the beginning of concerted action to tackle the debt crisis in Europe which is the cause of so much stock market volatility.

"The thing that really brought the world to a better place in 2008 was genuine collective action involving both the developed and the developing world through the G20," he told the BBC.

"The fact that they're all there together in [Washington] DC this weekend should lay the framework for thoughts about quite significant actions... sometime between now or possibly at the November G20 in France."

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