British Prime Minister David Cameron Speaks to ABC's Diane Sawyer

I mean, I'm a conservative. I believe that, you know, if you borrow too much, you just build up debts for your children to pay off. You put pressure on interest rates. You put at risk your economy. That's the case in Britain. We're not a reserve currency, so we need to get on and deal with this issue. Now we've passed -- a budget that was quite tough. It does have some tax increases. But most of the burden is going to be borne by spending reduction. But we need to do this to prove that we can live within our means. That will strengthen our economy, strengthen our recovery and -- give us a chance to -- to build a strong -- a strong society for the future.

DIANE SAWYER: You do feel so strongly about this. You don't look at the United States, in any way say you are continuing to stimulate yourself into a point of no return, and deficit spending to a point of no return.

DAVID CAMERON: Well, President Obama himself has got plans for quite an aggressive budget deficit reduction that I think is going to take your deficit down to three percent of GDP from -- from where it is today by 20 -- by 2015. That's quite an aggressive -- program. But as I say, America being a reserve currency doesn't, I think, have to move at quite the same speed as perhaps we do in the U.K., where -- you know, nobody -- owes us a living.

DIANE SAWYER: The junior partner is not going to scold the United States?

DAVID CAMERON: Certainly not. There -- for different countries to do things in different ways, we're all heading in the same direction. We all know that we have to replace stimulus with dealing with our deficits. But we have to get on and -- and deal with that. And the G20 and the G8 were very specific, that those countries with the biggest deficit problems needed to move the first. Needed to move the quickest, and that's what we're doing.

DIANE SAWYER: BP. Are you as angry about what happened in the Gulf as Americans are?

DAVID CAMERON: Yes, I am -- I was very angry about it, because anyone who cares about the environment, when you see those pictures of oil pouring out of an underground well and doing so much environmental damage, doing so much damage to -- to wildlife, to beaches, to livelihood, that makes you angry. And I want -- BP to sort it out. And they are sorting it out. It's good that their cap is now fitted on the well. It's too early to say just how successful that's been.

And I think it's good that BP has set aside $20 billion, one of the biggest amounts of money in corporate history for this sort of compensation payment. And it's good that they're starting to make that compensation. And I -- I hope they'll do that.

I've spoke to them. I had a good meeting with the chairman of BP last week. They want to do that. They want to cap the well. They want to clean up the mess. They want to make those payments. But I do think it's also in Britain's interest and also America's interest -- and the world's interest that BP remains a strong and stable company, not least so it's able to make those payouts to those fishermen, to those hotel owners, to the business owners who've been hit by the spill. It's important it remains a strong, stable company that has an independent future, because we do need to have good, strong, competitive businesses competing with each other to maintain -- energy security and also make sure that the world isn't just dominated by state-run oil corporations.

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