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Summers: Economic Woes Will Take Time to Remedy

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."

Contact Europe: Economy


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