U.S. recession to be longest since 1930s: Summers

Wed Feb 18, 2009 5:33pm EST
 
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WASHINGTON (Reuters) - The U.S. economic recession appears poised to last at least a few months longer, which would make it the longest downturn since the Great Depression, a top White House adviser said on Wednesday.

"I fear the economy is extremely likely to recede for more than another two months and that means it will be the longest recession" since the Great Depression, National Economic Council Director Lawrence Summers told CNN. "Just when the turn will come is not something that I'm prepared to gauge.

"We're going to keep leaning forward trying to do all the things that we can to propel the economy forward, because as the president has recognized, the risks of doing too little are much greater than the risks of doing too much," Summers said.

(Reporting by Tim Ahmann; Editing by Leslie Adler)

 

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