Vice President Says Recovery Act is Working
By Michael A. Fletcher
Looking trim and summery in a khaki suit, Vice President Biden sat at a table in the Roosevelt Room flanked by Office and Management and Budget chief Peter Orszag and Council of Economic Advisors chair Christina Romer at the conclusion of a meeting with top economic advisers and declared that "the recovery act is working."
Also at the just meeting were National Economic Council director Larry Summers, senior Biden adviser Jared Bernstein and Ed DeSeve, a special adviser on the implementation of the economic stimulus package. Biden read from notes jotted on several cards.
Just six months ago, the vice president said, economists were concerned that the recession could become a depression. Now the debate is about when the recovery will begin, he said.
Household income, state and local spending, and business investment are all up, he said.
The recovery act is at least partly responsible, he said. While things are now less bad, he noted, that does not mean they are good, because of rising unemployment and other negative trends.
He spoke for roughly five minutes before the press were ushered out. The vice president took no questions.
Posted at 1:58 PM ET on Aug 4, 2009
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