According to foreign media reports, Lawrence Summers, Director of the National Economic Council, stated on October 12 that by aggressively implementing measures aimed at stimulating growth and stabilizing financial markets, the Obama administration has helped pull the U.S. economy out of the "abyss."
Summers noted that the economic support measures implemented by the government, including the $787 billion stimulus package, have helped reverse the most severe recession the U.S. economy has faced since the Great Depression.
In a letter to House Republican Leader John Boehner, Summers wrote: "Largely thanks to the Recovery Act, as well as large-scale financial stability programs and mortgage support initiatives, we have been able to move away from the brink of an economic abyss and onto the path of recovery."
