Baku, October 29 (AZERTAC). US President Barack Obama said on Friday that European Union leaders have laid "a critical foundation" to solve the euro zone debt crisis with their deal announced Wednesday evening.

"We look forward to the full development and rapid implementation of their plan," Obama said in a statement released by the White House.

"We will continue to support the EU and our European allies in their efforts to address this crisis as we work together to sustain the global recovery and put our people back to work," he said.

Earlier today, the White released an statement saying it was encouraged by data showing the US economy grew in the third quarter of 2011 but that faster expansion was needed to recover jobs and fortify the global economy.

"We are, nonetheless, at a fragile moment in the world economy, and cannot afford to do anything to undermine our economic recovery," acting chief White House economist Katharine Abraham said in a statement.

"This report also underscores the need to put in place a balanced approach to deficit reduction that phases in budget cuts, instils confidence, and allows us to live within our means without short-changing future growth," she said.