The president has been strengthened by an agreement on Friday by House and Senate negotiators on a final version of legislation to reform the U.S. financial system. Both chambers of Congress will have to approve the bill before the president can sign it.

Senior administration officials said G8 leaders congratulated the president on the development, noting the impact it could have in putting positive rules in to place to prevent another U.S. financial crisis.

White House spokesman Robert Gibbs was asked earlier how this would impact president's efforts to steer the G8 and G20 summits toward outcomes he prefers. "I think it demonstrates to the world the steps that we have to continue to take globally in order to ensure that we don't find ourselves in a situation like we did two years ago," he said.

Many G8 leaders face demands in their countries for greater restraint in public spending and pressure to sharply reduce government budgets and deficits. Canada's Prime Minister Stephen Harper has called on G20 nations to cut their deficits in half by 2013.

Senior U.S. Administration officials said the president stressed the need to maintain durable growth while stressing that this also involves fiscal consolidation and debt reduction in the medium term.

The officials pointed to confidence about a convergence of views on a broad approach by G20 nations, and said Friday's discussions were a first step on the way to a final outcome on Sunday when the G20 concludes.