President Obama's spokesman warned the new socialist president-elect of France not to implement his campaign agenda of ending austerity measures, indicating that such a reversal could damage the world economy.
"A balanced approach . . . Both fiscal consolidation and efforts to boost the recovery is the right approach for Europe," White House Press Secretary Jay Carney told reporters today. "That's an approach that he thinks ensures that the recovery continues while putting our fiscal house in order."
French President-Elect Francois Hollande called for an increase in government spending and taxes. "Europe is watching us, austerity can no longer be the only option," he said upon winning the presidential election.