US says Europe on way to financial fix

WASHINGTON (AP) — The Obama administration said Tuesday it believes that European leaders are on their way to creating a credible response to the eurozone's financial crisis.

Assistant Treasury Secretary Charles Collyns told U.S. lawmakers that the administration is confident in the commitment of European leaders and sees a "very strong likelihood that Europeans will achieve success."

Collyns said that Europe's financial woes posed a substantial risk for the U.S. economy, a point that U.S. lawmakers agreed with.

"There is no question that there will be a U.S. consequence to further decline in the euro zone," said Republican Rep. Gary Miller, who chaired the …