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'Long job' to sort out US economy
Bill Condie18 Nov 2008
Former Treasury Secretary Larry Summers, tipped to be given that job in the Obama Administration, says the US economy will need a substantial stimulus programme for years to come.
Summers told a New York conference that the depth of the current economic crisis meant a "speedy, substantial and sustained" package of spending was needed for two to three years.
Another former Treasury Secretary, Robert Rubin, agreed that whatever package the White House puts forward next year would be large. That would provide a "strong probability" that the current economic crisis "will abate within a reasonable period of time".
Summers said the views were his own and not necessarily Obama's. He would not say how big a package was needed but added that Goldman Sachs' estimate of what was needed at between $500 billion (£339 billion) and $700 billion were much larger than the figures being used by Democrats in Congress.
