Obama Sees ‘Glimmers of Hope’ for the Economy
President Barack Obama said Friday that he sees 'glimmers of hope' of in the U.S. economy, reported the BBC.
Obama spoke after a meeting with his top economic advisers, and along with hope, he cautioned that the economic system is still under a 'severe strain', reported the BBC.
“You will be seeing additional actions by the administration,” Obama said after the meeting Friday, reported the New York Times.
The BBC reports that Obama said he and his team had discussed the stability of the financial system, the housing market and their plans to help clear the bank's books of bad assets.
The New York Times reported that there were indications of growing tension between the Obama administration and the nation's banks over the next steps of financial rescue.
"If we stick with it, if we don't flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track,"Obama said, reported the BBC.
Obama referenced the increase in loans to small businesses, tax cut checks being distributed, and the new infrastructure and energy projects being started a signs of hope for the economy, according to the BBC.
"We still have a lot of work to do, and over the next several weeks you'll be seeing additional actions by the administration," Obama said.