UPDATE 1-Summers says must ensure rapid U.S. recovery

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WASHINGTON, Dec 13 (BestGrowthStock) – Outgoing White House
economic adviser Larry Summers said on Monday it is crucial to
ensure the U.S. economic recovery is as rapid as possible.

Summers also said lack of demand was a main constraint
facing the economy and the government must help counteract
that, as he laid out a case for a compromise tax-cut deal that
President Barack Obama worked out with opposition Republicans.

Summers disagreed with critics who say the package would
worsen the U.S. budget deficit. In a speech to the Economic
Policy Institute think tank, he said accelerating the recovery
would help alleviate the deficits.

The economy needs “forward momentum” to fully recover from
its worst crisis since the 1930s, he said.

Obama’s $856 billion tax deal, struck with the Republicans
who will soon wield greater clout in Congress, is viewed with
alarm by many Democrats who worry the president gave away too
much at the bargaining table by agreeing to temporarily extend
Bush-era tax cuts for the wealthiest Americans.
(Reporting by Caren Bohan, Editing by John O’Callaghan)

UPDATE 1-Summers says must ensure rapid U.S. recovery