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European debt and the Obama campaign

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    How will crisis impact re-election effort?

  • Duration 2:17
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Federal Reserve Chairman Ben Bernanke declared today the European debt crisis continues to pose major risks the crisis in Europe has affected the US economy by acting as a drag on our exports.

Wade and business and consumer confidence.

And pressuring US financial markets and institutions the troubles across the pond are also being monitored very closely inside the White House.

Because it poses a major risk to president Obama's reelection.

With Vice President Biden going so far as to suggest that a recent fund raiser that while he's confident of big.

Victory he put the crisis in Europe on par with the nuclear threat from Iran as dangers to their reelection saying.

I think will be beaten if we are.

By something happening in the eurozone or something happening in the gulf which could be difficult for us since then the debt crisis is only got more troubling.

It Democrats acknowledge there's a worst case scenario of a full scale European contagion look anything that's bad for the economy.

Is presumably not helpful from the president at the same time but the fact is the administration has been.

Very active behind the scenes for a long time.

Urging Europe to resolve this top officials say the president is spending an increasing amount of his time on the phone with European leaders on top of the hours he spent hosting the G-8 summit at Camp David.

And pressing them to take action.

Not only is -- a big risk he can do almost nothing about it so.

You know this is one of those difficult situations for president where he just -- to sit and hope for a change kind of a new play on his slogan hope and change.

The president has more control over the American economy.

-- the latest Fox News poll shows when asked to rate the president's team only 32%.

Say they've mostly succeeded on creating new jobs while 56%.

Say -- mostly failed the -- happiness quotient is quite high and that is the ultimate danger to president Obama's reelection.

Meanwhile former President Clinton is apologizing tonight to mister Obama for suggesting the bush tax cuts for the rich should be extended short term.

Mr.

Clinton claiming to CNN he mistakenly thought the tax -- -- expiring before the election.

Be a good idea to extend them to move forward -- budget talks.

Now says.

He's sorry.

Ed Henry -- north lawn Ed thank.

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