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Summers: Economic Woes Will Take Time to Remedy
Topics:Politics & Government | Barack Obama | Economy (Global)
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A top economics adviser to President Barack Obama says the $790 billion stimulus plan set for a final congressional vote will help, but that it isn't a "silver bullet" to cure the problem.
Larry Summers, a onetime Clinton administration Treasury secretary who now heads Obama's White House economics council, called the bill "complex" and said getting it through Congress is a credit to the president's leadership.
Summers said, "It's the biggest fiscal expansion in our country's history." He also said that it will immediately put money into the pockets of middle-class families and should help to revive consumer spending.
But he warned that the country's economic woes didn't happen overnight and that it's "going to take time to fix."
© 2012 CNBC.com
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