NBC NATIONAL NEWS — Concerned that Europe's debt crisis could drag down the American economy, President Obama urged the presidents of the European Council and the European Commission to take bold action right now.
Europe's debt crisis is an economic cancer spreading from Greece facing default to Portugal, Ireland and now Italy.
France and Germany and the rest sure to feel the effects said a new report out today.
Without huge European spending cuts, tax hikes and bailouts not only would U.S. companies sell less, but US banks and markets could lose billions.
But U.S. lawmakers aren't leading by example.
The super-committee last week failed to make the kind of debt reduction deal that the U.S. hopes the Europeans make.
"It does remind all of us that we need to take decisive action on the things we can control," said White House Press Secretary Jay Carney.
That was the Obama message to the Europeans today.