Obama Says 'Private Sector Doing Fine,' Calls for Aid to States

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Obama's press conference, his first since May 21st, comes as his re-election campaign faces a tough start to June, with polls showing a tightening race with Republican rival Mitt Romney and monthly fundraising totals showing Republicans surging ahead.

The Obama campaign is making a renewed push to promote the president's jobs plan in a new battleground state TV ad, casting blame on Republicans in Congress for undermining his efforts to put Americans back to work.

Meanwhile, the European debt crisis continues to loom over the general election race, seen by the president and his advisers as one of the most significant threats to further economic recovery and Obama's re-election.

"The good news is there is a path out of this challenge," Obama said of the financial mess, but added that "getting there is going to take some time."

The issue will take center stage at the G20 summit of global leaders in Cabo San Lucas, Mexico, later this month, when Obama is expected to attend.

ABC News' Mary Bruce contributed to this report.

Be sure to watch "This Week" Sunday morning. Our powerhouse roundtable will discuss the president's comments.

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