Day Two of the G20 Summit in Pittsburgh

Washington Thursday, President Obama will warn heads of state of the growing peril of nuclear proliferation. "If we fail to act, we will invite nuclear arms races in every region, and the prospect of wars and acts of terror on a scale that we can hardly imagine."

The president, the first ever to chair the United Nation's Security Council, emerged from a meeting with Russian President Medvedev buoyed after the Russian's said sanctions against Iran might be inevitable. "Sanctions, serious additional sanctions, remain a possibility," said Obama.

The American delegation walked out after Iran's Mahmoud Ahmedinijad took the podium.

Later Thursday, President Obama joins world leaders of the G-20 nations for a test of his international clout.

"What will make it a defining moment, is this will be the first time the ball is really in Obama's court," said Steven Schrage with the Center for International & Strategic Studies.

The financial leaders gathering in Pittsburgh plan to grapple with the aftermath of worst global downturn in generations.

They'll be greeted by protesters already gathering outside, demanding action to curb climate change.

Inside, President Obama faces pressure from French President Nicolas Sarkozy who is threatening to walk out if leaders fail to strike a deal to curb banking bonuses; and European Union leaders, who want deeper emissions cuts.

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