Obama congratulates Merkel on EU fiscal pact

President Barack Obama and German Chancellor Angela Merkel praised a new European Union deal designed to stave off a chaotic Greek debt default, the White House said.

White House spokesman Jay Carney told reporters that Obama had spoken with Merkel in a phone call in which the two leaders agreed that the planned EU fiscal pact, recent actions by the European Central Bank, and reforms by Spain and Italy were also positive steps in reducing the eurozone crisis.

"The president thanked the chancellor for her leadership and welcomed last night's agreement in Europe on a new rescue program for Greece to help reduce its debt to sustainable levels," Jay Carney told reporters.

Likewise, both discussed the upcoming G8 summit, which will take place in Chicago in May, and “the need of focusing in economic growth and the creation of jobs.”