Recovery in a year

WASHINGTON - A TOP economic adviser to President Barack Obama said on Sunday she was 'incredibly confident' that the recession-hit US economy would be on the rebound in a year's time.

Asked on 'Fox News Sunday' how confident she was that Mr Obama's big-spending policies would be paying off a year from today, Christina Romer said 'incredibly confident.'

'I feel very confident we'll be seeing the signs that the economy has turned around and is growing again,' said Ms Romer, who chairs the White House Council of Economic Advisers.

'Of course, it will take time before we're really back to normal, but I think we will absolutely see signs that everything is working.'

Ms Romer rejected fears that private investors would refuse to partner with the US government, after a furor over bonuses paid by bailed-out insurer AIG, as the administration gears up to announce a plan to buy up banks' toxic assets.

'The president has very much drawn a distinction' between companies receiving taxpayer rescue funds and private-sector companies that may invest in the toxic assets.

'What we're talking about now are private firms that are doing us a favor, right, coming into this market to help us buy these toxic assets off banks' balance sheets,' Ms Romer said.

'I think they understand that the president realizes they're in a different category and I think they are going to have confidence that they're going to be able to come into this program.' -- AFP

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