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   >>> obama is meeting with other foreign leaders with the top economic powers in toronto . he arrives today with a mixed bag of economic news from here. financial reform finally a go, just steps away from being signed into law. but democrats were forced to pull a key job's bill off the senate floor after it failed a third attempt, third vote due to deficit fears by republicans. nbc news chief white house correspondent chuck todd co-host of "daily rundown" joins us now from toronto . let's talk about what the president faces going into this big meeting with the g-8 leaders and the g-20. we're talking about the world's greatest economies and he arrives with an almost done financial reform bill but failure on stimulus and job relief.

   >> you know, it's interesting, andrea. it's the same debate that we're seeing in washington this issue of deficits versus spending and sp stimulus that is taking place in this meeting with the eight largest world economies and, eventually, starting tomorrow, the 20 largest world economies which is this issue of how much government stimulus and when do you start pulling back versus these fears of running too high of deficits. it's really the same debate we're seeing playing out on capitol hill is playing out here in toronto .

   >> the chinese last weekend just about a week ago made some efforts on currency, which was the long-standing dispute between them and u.s. officials over unpegging their currency, letting it flow, which would help american exports. but they haven't gone into any of the details. they haven't said exactly how much they're willing to adjust and plus the europeans have their own crisis with the failures in greece and the other problems pending in portugal, spain and the rest of europe. but no meetings, no one-on-one meetings are scheduled between the president and chancellor merkel of germany or president sarkozy of france or has that changed in the last couple hours?

   >> it hasn't changed yet, there are some meetings and we have gotten some hints that he is going to add more meetings. i have to think you will see one between murkal and the president, considering they're really at the two opposite sides of this issue on the deficit versus the government spending . but, you bring up the chinese currency and steve liesman put it really well. it's amazing just having this meeting was enough to get china to make that announcement simply so they didn't get embarrassesed here that they weren't the oned that everybody started picking on and that may be why we don't have the details yet because, frankly, they're still trying to figure out the details.

   >> why we always talk about these economic summits, war and peace always end up taking a big prominent role and, of course, afghanistan . so, clearly, when they meet along the margins of the summit, they're going to have to talk about the failures so far of nato to step up to the plate and keep more troops than you've got several of the countries, canada, the host country as well as drawing down on their troops in afghanistan .

   >> that's right. you know, what's interesting about this summit is that it will give the president a chance to meet with there are three new leaders since the last time there was a g-20 in pittsburgh. you have cameron, the president met david cameron when he was leader of the conservative party and this will be their first bilateral that they'll be holding with cameron as prime minister. you have a new prime minister in japan and a really new prime minister in australia to the point where nobody here is even quite sure what the delegation is going to look like, but you bring up afghanistan . australia has been an important ally in afghanistan and that's the number one concern for the president when he meets, hopefully, with this new australian prime minister this weekend.

   >> i bet you anything that david cameron and barack obama will have a few words to say about bp. so, more to come. i will be watching all weekend. thanks so much and be sure to watch chuck and savannah guthrie every week day morning at 9:00 eastern on "the

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