Mr Lawrence Summers director of the White House's National Economic Council said that job cuts are probably not going to stop imminently. He added that "No one can make that judgment."

Mr Summers also said that the Obama administration's economic policies will help dispel China’s concern about the value of its investments in US Treasury notes. He added that "You just have to look, even in the midst of a financial crisis like this, at the way funds are flowing into the United States that the dollar has strengthened even in a period of great difficulty for our banking system."

Ms Christina Romer chief economist at White House said that the Obama administration is staging a wonderful battle against the recession and predicted the stimulus plan will help revive growth.

She added that "It is an economic war. We have not won yet. We have staged a wonderful battle. We know we are doing a lot of help for banks, we are doing a lot of help for homeowners. Small business people need it, too. That’s all going to be announced tomorrow."

Mr Dick Cheney former Vice President of US said that "I don't think you can blame the Bush administration for the creation of the economic circumstances. It is a global problem. The notion that you can throw it off on the prior administration is interesting rhetoric but I don't think anybody cares about that. What people care about is what is going to work."

(Sourced from www.bloomberg.net)