U.S. President Barack Obama's top economic adviser said on Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there has been initial signs of stabilization in the housing market.
"Thanks largely to the Recovery Act, alongside an aggressive financial stabilization plan and a program to keep responsible homeowners in their houses, we have walked a substantial distance back from the economic abyss and are on the path toward economic recovery," Larry Summers said in a letter to be sent to Republican House Leader John Boehner that amounted to a defense of the Democratic Obama administration's policies on the economy.
The U.S. economy lost jobs at a monthly regular rate of 256,000 in the third quarter of 2009, which summers termed "unacceptably high." But he noted it was nearly a third of the pace of job losses of two quarters ago.
One dilemma for Obama is that Republicans, seizing on increasing in the unemployment rate to 9.8 percent, argue that the $787 billion stimulus package passed earlier this year was ineffective. Republicans are pushing for additional tax cuts as the result to the country's economic woes.
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