The US president Barack Obama said there is a signs of economic recovery and immediate action was necessary. Obama said his $3.6tn (£2.5tn) budget would build a stronger economy, so the America did not face a repeat crisis in 10 or 20 years.
President said "We will recover from this recession", and new budget which was now being prepared, was based on creating new jobs, rejuvenating the housing market, and creating new liquidity and lending by the banks.
Mr Obama’s administration had "put in place a comprehensive strategy designed to attack this crisis on all fronts". Mr Obama said "And we are beginning to see signs of progress," he added "The budget I submitted to Congress will build our economic recovery on a stronger foundation, so that we do not face another crisis like this 10 or 20 years from now."
He said "We have made the tough choices necessary to cut our deficit in half by the end of my first term – even under the most pessimistic estimates".
Mr Obama said "It will take time, it will take patience, and it will take an understanding that when we all work together, when each of us looks beyond our own short-term interests to the wider set of obligations we have to each other, that’s when we succeed."