Washington -- U.S. Treasury Secretary Timothy Geithner told the House Oversight Panel that an economic recovery needed more time, but an outright meltdown had been avoided.
"We still have a long way to go before true recovery takes hold," Geithner told the congressional panel charged with monitoring the nation's recovery effort.
"September 2009 is a far cry from the crippling fear and panic of September 2008, Geithner said.
Forceful interventions sidestepped "a catastrophic systemic meltdown," he said, bringing the economy to the point where, "the consensus among private forecasters is that our economy is now growing."
