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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

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Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012. REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

Fleet Week

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The SpaceX mission

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Americans aware economy is in recession: Paulson

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WASHINGTON | Mon Dec 1, 2008 3:58pm EST

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said on Monday Americans were aware that the economy was in recession, adding that the best way to deal with the downturn was to stabilize the distressed financial system.

"The thing we have known, I have known, is we are in an economy that has slowed down significantly. The American people know that and I think the American people have known that for some time, so I don't think this is going to be big news," he said in response to a question at the Fortune 500 Forum.

"They have known the economy is slowing down and we have focused on it and everything I am doing to address the slowdown the best way I know how, is to stabilize the financial system."

Earlier, the independent National Bureau of Economic Research's business cycle dating committee declared the U.S. economy slipped into recession in December 2007.

(Reporting by Glenn Somerville; writing by Lucia Mutikani; Editing by Dan Grebler)
U.S.
Economy
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