Obama: Economy Back from the Brink

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President Obama says the country has "stepped back from the brink" where the economy is concerned.

The president says the U.S. economy has turned the corner. He made the positive remarks on the day his $787 billion stimulus plan turned one hundred days old at a meeting with major donors in Beverly Hills, California.

"When you look at the economy right now, I think it's safe to say that we have stepped back from the brink, that there is some calm that didn't exist before," Obama said.

There are numbers to back up his statements. Sales of existing homes rose by 2.0 percent in April. First-time buyers led the way, taking advantage of lower prices and lower interest rates.

"People are coming out, because they feel they can get a good deal for the first time in quite a long time," said real estate agent Phil Faranda.

Realtors estimate 45 percent of sales in April were homes in foreclosure.

Treasury Secretary Timothy Geithner also believes the U.S. economy is beginning to rebound from a recession. But he says there's a lot more to be done to bring about a sustained recovery.

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CBN News
Mark Martin

Mark Martin

CBN News Reporter

Mark Martin is a reporter and anchor at CBN News, covering various issues from military matters to alternative fuels. Mark has reported internationally in the Middle East and traveled to Bahrain to cover stories on the U.S.S. Dwight D. Eisenhower. Follow Mark on Twitter @MarkMartinCBN and "like" him at Facebook.com/MarkMartinCBN.