TONY Abbott has offered extra military assistance to United States President Barack Obama, declaring the US cannot be the world’s security force alone.

He also struck a deal for closer military cooperation with the US that could see more joint operations.

The deal, in Mr Abbott’s first formal meeting with Mr Obama in the White House, came amid a rapidly escalating crisis in Iraq with an insurgency by al-Qaeda linked radicals.

President Obama warned he was considering a new short term military intervention, including possible drone strikes, to crush the insurgents in Iraq.

While Mr Obama did not make a direct appeal for additional military assistance from Australia, he praised our troops’ fighting ability.

“Aussies know how to fight, and I like having them in a foxhole if we’re in trouble,” Mr Obama said.

Speaking in the Oval Office of the White House, Mr Abbott praised the US’ role in securing freedom across the world and said the country needed more help from allies like Australia.

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“I want to assure the President that Australia will be an utterly dependable ally of the United States,” Mr Abbott said.

“The United States has had to bear many burdens, many burdens.”

“The United States has paid a very high price to secure freedom and prosperity for many countries, not just itself. And the United States should never have to do all that work on its own.”

As part of the talks, the two leaders finalised the US-Australian Force Posture Agreement, which will allow greater joint military activities.

The deal could see increased cooperation between the US and Australian defence forces on maritime security, humanitarian assistance and disaster relief.

The activities will be on top of the deal allowing up to 2500 US marines to rotate through a base in Darwin.

Stronger ties on cyber security were also discussed.

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Mr Obama said Australia was one the closest allies that the US could rely on.

“There are a handful of countries in the world that we always know we can count on, not just because they share our values, but we know we can count on them because they’ve got real capacity,” he said.

“Australia is one of those countries. We share foundational values about liberal democracies and human rights, and a world view that’s governed by international law and norms.”

“So I can’t think of a better partner.”

The President gave a clear signal he is prepared to intervene in Iraq once again in response to the recent insurgency.

“What we’ve seen over the last couple of days indicates the degree to which Iraq is going to need more help,” he said.

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“It’s going to need more help from us, and it’s going to need more help from the international community.”

“I don’t rule out anything, because we do have a stake in making sure that these jihadists are not getting a permanent foothold in either Iraq or Syria, for that matter.”

Mr Obama praised Mr Abbott’s decision to increase defence spending in his recent Budget “even under tough times”.

During about an hour long meeting in the Oval Office, Mr Obama and Mr Abbott discussed concerns about disputes in the South China Sea, North Korea and Ukraine.

Both leaders welcomed China’s rise as a world power but said it needed to ensure it abided by the rule of law.

Mr Obama thanked Mr Abbott for raising concerns about Russia’s military activities in Ukraine but said he hoped that dispute could be resolved through diplomacy.

The talks ranged across trade and the global economy, which will continue when the pair meet again at the G20 in Brisbane.

Mr Abbott strongly endorsed Mr Obama’s push for a Trans-Pacific Partnership trade deal that will increase free trade between several countries in our region.