White House economic advisor Lawrence Summers says the sense of economic "free fall" will end in a few months as the government stimulus takes hold.
But Summers told an audience in Washington Thursday that it is not yet clear how soon and how quickly the economy will turn around and begin to grow.
He said the pace of recovery will depend on the global economy, consumer psychology, and how well the Obama Administration implements its economic program.
Earlier, President Barack Obama said millions of Americans could save money by refinancing their homes to take advantage of record-low interest rates (now at 4.78 percent).
He urged homeowners to take advantage of these low rates and some new government programs intended to aid people with mortgages.Problems in the U.S. housing market played a key role in sparking the recession that has spread around the world.