Without the bold steps taken by the federal government over the past year, the country could have fallen into a second Great Depression, said the White House's chief economic adviser.
New economic adviser for Obama
President nominates a labor economist, Alan Krueger, for chairman of White House Council of Economic Advisers, as the administration focuses attention on jobs.
Obama's chief economic adviser leaving
President Obama's top economic adviser, Austan Goolsbee, is leaving the administration to return to the University of Chicago, the White House announced Monday.
Goolsbee: Spending cuts not the answer
Cutting spending is not the best way to curb the federal government's long-term deficit, a top White House official told a conference of leading economists Tuesday.
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