December 9th, 2010
12:46 PM ET
Top White House economic adviser hits back at critics over dire economic Predictions
WASHINGTON (CNN) - President Obama's departing top economic adviser Larry Summers hit back at Democratic critics accusing him of exaggerating the consequences of failing to pass the president's tax bill.
Summers surprised some lawmakers Wednesday when he warned Congress that not supporting the legislation could lead to a double-dip recession in 2011.
"If they don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out, and we would have a double dip," he told reporters at a White House briefing.
On Thursday, Summers responded to some Democratic lawmakers' grumblings that his dire economic prediction was a wild overstatement, motivated by the White House's full court press to sell their controversial tax cut deal for the rich as well as the middle class.
December 8th, 2010
04:32 PM ET
WASHINGTON (CNN) – In a dramatic escalation of the rhetoric over President Obama's controversial tax cut deal, senior White House economic adviser Larry Summers warned Congress on Wednesday that failing to pass the legislation could lead to a double-dip recession in 2011.
"If they don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out and we would have a double dip," he told reporters at a White House briefing.
Pressed for clarification given the dire nature of his statement, Summers stressed that he was only saying it would "significantly increase the risk" of that outcome and was not predicting an actual double dip recession, which is defined as a recession followed by a short-lived recovery and then another recession.
December 4th, 2010
10:22 AM ET
Washington (CNN) – Investment banker Roger Altman quietly slipped into the White House early Friday morning for a second round of meetings with top officials, fueling talk inside the administration that he may be on the inside track to replace Lawrence Summers as President Obama's senior economic adviser.
But I'm starting to pick up growing frustration from Democrats inside and outside the White House that the process to replace Summers is dragging on too long at a time when Obama is supposed to be focused like a laser on creating jobs. That could be hard to do when you don't have a new team in place.
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