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Obama economic adviser confident of US recovery in one year

WASHINGTON (Xinhua) -- Christina Romer, head of the White House Council of Economic Advisers, said on Sunday she was "incredibly confident" that the ailing US economy will recover within one year.

"That's why we're taking them (the measures)," Romer told the Fox News Sunday program. "We absolutely think that they are going to do the job for the American economy, and so I'm happy to see you a year from now."

The Obama economic adviser also said it needs help from private investors to cope with the current banking crisis.

"We need them -- you know, we've got a limited amount of money that the government has to go in here, so we need to partner, not just with private firms, but with the FDIC (Federal Deposit Insurance Corporation), with the Fed, to leverage the money that we have," she said.

"The other thing is we think the private sector is going to be very helpful here," said Romer. "We don't want the taxpayers on the hook for paying too much for these assets."

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