CAMP DAVID, Md. - Confronting an economic crisis that threatens them all, President Obama and leaders of other world powers declared on Saturday that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.

“There’s now an emerging consensus that more must be done to promote growth and job creation right now,’’ Obama proclaimed after hosting unprecedented economic talks at Camp David, the presidential retreat. Seeking a second term amid hard economic times, Obama hailed a debate heading in the direction he likes, with nations now talking of ways to spark their economies instead of just slashing spending.