President Barack Obama has refused to accept responsibility for fresh economic panic on Wall Street, insisting market freefall was sparked in Europe and that the debt crisis was one he inherited. Speaking last night at a Democratic fundraiser, where families paid $15,000 to have their picture taken with the celebrity President, Mr Obama defended his economic record and said problems in Europe were affecting the U.S. Mr Obama insisted he inherited many of the country's problems with high debt and deficits when he entered the White House, sounding a theme likely to dominate his 2012 re-election campaign.

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