President Cites Progress on Economy as Deficit Swells

From Online.wsj.com

President Barack Obama offered measured optimism about the economy on Friday after a week that featured some better-than-expected indicators, despite another gloomy turn for the federal budget picture.

With stocks strengthening and even the housing market showing a few signs of life, Mr. Obama said there were "glimmers of hope across the economy." But he cautioned that the economy remains under "severe stress" and added that there is still "a lot of work to do."

"Over the next several weeks you will be seeing additional actions by the administration," Mr. Obama said. "What I just wanted to emphasize today [is that] we're starting to see progress."

In his remarks, which followed a meeting with economic-policy makers, the president added that "if we stick with it, if we don't flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track."