Obama backs Hollande on growth over austerity US President Barack Obama backs French leader François Hollande's call for a pro-growth solution to the eurozone debt crisis. He will tell this weekend's G8 summit at Camp David that a move away from austerity is key to reviving the bloc's economy. British Prime Minister David Cameron has dismissed another French proposal for a 57-billion-euro levy on financial transactions on the grounds it would hit his country's banking sector hard. On the financial transaction tax I'm very clear. We're not going to get growth in Europe or Britain by introducing a new tax that would actually hit people as well as financial institutions. I don't think it's a sensible measure, I will not support it," he said. Hollande took power earlier this week after campaigning on a platform of shifting the EU's focus towards stimulating economic growth rather than austerity. Obama's support for Hollande's stance puts him at odds with German Chancellor Angela Merkel, the champion of tough spending cuts. Washington fears the US economy will take a hit if Europe takes a further downward spiral. Our correspondent Stefan Grobe reports from Thurmont, Maryland that Merkel looks "increasingly isolated" at this summit. He says there are questions over how much longer she can say no to additional stimulus measures. More about: Barack Obama, Economic crisis, François Hollande, G8 Summit, World economy