Obama economic update: glass is half-full

Obama was delivering an economic speech Tuesday morning, April 14 at Georgetown University.
Obama was delivering an economic speech Tuesday morning, April 14 at Georgetown University.

Posted by Lisa Strawbridge - email

By LIZ SIDOTI, Associated Press Writer

WASHINGTON (AP) - President Barack Obama is proclaiming signs of economic progress but warning Americans that "by no means are we out of the woods."

Obama was delivering an economic speech Tuesday morning, April 14 at Georgetown University. The White House released excerpts from his remarks in advance.

In the speech, the president juggles a glass-half-full take on the economy with a determination to not be seen as naive about how well things are going. He said that a full recovery is some time off, and that it depends on two things: building a new foundation for the U.S. economy and making changes in the political landscape.

Read more from CBS News.com: America not 'out of the woods.'

Fed chairman sees positive signs

WASHINGTON (AP) - The chairman of the Federal Reserve is sounding a note of optimism about the economy.

Ben Bernanke says there are "tentative signs" that recession may be easing.

He says the first step toward recovery is a "leveling out" of economic activity, but the key to a lasting recovery is stabilizing the financial markets and getting credit to flow more freely.

Bernanke says the Fed has been "making progress on that front" and will keep working to ease financial and credit stresses.

His comments come in remarks prepared for students and faculty at Morehouse College in Atlanta.

Some critics worry that the aggressive steps the Fed has taken could spur inflation in the long run, if key interest rates aren't boosted and special lending programs rapidly dismantled once the economy starts turning around.

Bernanke says this will require a delicate balancing act. But he says the Fed is "well equipped to make those judgments appropriately."