The White House warned Sunday that the country could face a long and painful financial recovery, even with major government intervention to stimulate the economy and save financial institutions.
By STEPHEN OHLEMACHER, Associated Press
“We’re off and running, but it’s going to get worse before it gets better,” said Vice President Joe Biden, taking the lead on a theme echoed by other Democratic officials on the Sunday talk shows.
At the end of the Obama administration’s first week, the party in power at both ends of Pennsylvania Avenue sought to lower expectations for a quick fix despite legislation expected to pass by next month that would pump billions of dollars into the economy. Democrats also opened the door for even more government aid to struggling banks beyond the $700 billion bailout already in the pipeline.