Obama economic aide: All agree recession is over

December 13, 2009

WASHINGTON (AP) – The top White House economic adviser says “everybody agrees the recession is over” even though many experts predict unemployment could climb higher.

Larry Summers says key indicators have shown that the economy is beginning to expand again and that job creation probably will follow. The jobless rate stands at 10 percent.

He acknowledges it will take “substantial time” before the economy recovers entirely. But he says that “what we can take satisfaction from is we’ve walked back from the brink.”

Summers, who appeared Sunday on ABC’s “This Week,” spoke days after the House passed a major financial overhaul bill despite GOP objections that it would add to the deficit and hurt businesses.

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