Rift Forms Between Obama and Other G-20 Leaders

The G-20 summit concluded in Toronto late Sunday with signs of an economic policy rift between President Obama and other world leaders.

The debate played out against a backdrop of violent protests outside the summit that resulted in more than 500 arrests but no serious injuries.

The president came to Toronto hoping to convince his G-20 colleagues to put more emphasis on stimulus spending to keep the economic recovery alive, reports CBS News chief White House correspondent Chip Reid. For the most part he did not succeed.

The G-20, the top industrialized and developing nations of the world, ended the Toronto summit with a pledge to cut their budget deficits in half within three years. It's something Mr. Obama has been pressing for but he has also urged more stimulus spending in the short-term to keep the recovery going, a position rejected by Great Britain and some other European nations that say cutting debt should be the top priority.

Arrests of Activists at G-20 Summit Top 500

The summit host, Canadian prime minister Stephen Harper, said finding the right time to switch from stimulus spending to budget cutting is like walking a tightrope.

"Advanced countries must send a clear message that as our stimulus plans expire we will focus on getting our fiscal houses in order," said Harper.

Mr. Obama says he agrees with the G-20 goal of cutting deficits in half. Republicans in Washington say they haven't seen evidence the president will display the kind of leadership needed to make that happen.

  • Chip Reid

    Chip Reid is CBS News' national correspondent.