Treasury Secretary Henry Paulson said Tuesday the current financial challenges facing the country will persist for a number of months, but he said the economy will rebound.
Paulson, speaking to an audience in New York, said that the recovery will occur because the administration, working with the Federal Reserve, is committed to taking the necessary steps to strength the financial system.
He said that close cooperation with other countries is critical and cautioned that it is important for all nations to be careful to make sure that the actions they are taking to deal with the crisis do not come at the expense of other nations.
"Our government will do what is necessary to significantly strengthen our banks and financial institutions, enabling them to increase financing for the consumption and business investments that drive U.S. economic growth," Paulson said in remarks to the National Committee on U.S.-China Relations.
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