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Despite bracing for the worst, a comprehensive look at the official hard data has provided another dose of the sobering economic reality for the young Obama administration.

The economy "is worse, quite frankly, than everyone thought it was," Lawrence Summers, President Obama's chief economic advisor, said Sunday on NBC's Meet The Press.

"We've got to spend money now while we have a recession, while we've got this serious economic crisis, but as soon as the economy recovers we are going to have to find ways of getting the government's finances under some kind of control," Summers said.

Summers added that the U.S. economy faces "very difficult" months ahead, which underscores the need for U.S. Congressional approval of the Obama administration's $825-850 billion fiscal stimulus package.

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Obama Administration's Summers: Economy is worse than we thought originally appeared on BloggingStocks on Mon, 26 Jan 2009 11:45:00 EST. Please see our terms for use of feeds.

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