Obama says he inherited economic problems

President Barack Obama said on Monday 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.

Speaking at a Democratic fundraiser, where families paid $15,000 to get a picture with him, Obama defended his economic record and noted that problems in Europe were affecting the United States.

“We do have a serious problem in terms of debt and deficit, and much of it I inherited,” Obama said. The financial crisis, he said, made the problem worse.