WH welcomes rescue actions on European economy

The White House is praising the European Union and its member countries for acting aggressively to contain a spreading government debt crisis on the continent.

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The White House comments Monday came after the EU announced a $1 trillion package to support the euro and prop up troubled governments amid fears the crisis would spread from heavily indebted Greece to other financially weak countries such as Spain and Portugal.

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In a statement, the White House said it supports "the extensive actions by the EU, the European Central Bank and Euro Area member states to restore global confidence and financial stability and promote continued recovery."

President Barack Obama "supports assertive action to address this issue," the White House said.