What pulled recession-hit US out of the abyss

US President Barack Obama on Wednesday said the 'distasteful but necessary' steps taken by his administration had pulled the recession-hit American economy 'back from abyss' and vowed not to rest until the country was put back to work.

"Because of the recovery act and a number of other measures, and because of distasteful but necessary steps to help our auto industry recover and stabilise our banks, we've pulled our economy back from the abyss," Obama said after meeting a group of bipartisan Congressional leaders.

"While there's a lot of work left to do, our economy is now growing for the first time in over a year, and we just received the best jobs report in over two years," he said.

He said it was a sign of how tough the times were that the best job report in two years still showed a loss of 11,000 jobs.

"And I'm not going to rest until every American who's looking for work can find a job -- until we put America back to work," the President said.

Noting that there was less than full bipartisan support for the Recovery Act and some other steps that have broken the free-fall of our economy, Obama hoped for greater support from all political voices.

Obama said he ahd asked the Congress to provide temporary incentives for consumers to buy the materials needed to retrofit their homes for greater energy efficiency.

"This programme will spur hiring and spending, promote energy conservation and help Americans put more money in their pockets by saving on their energy bills," he said.

"I've also proposed that we extend proven initiatives that promote energy efficiency and clean-energy jobs. And to help Americans weather this economic storm, I've called for an extension of emergency relief to states, seniors and citizens who need it most," he said in his remarks.

Referring to his meetings with leaders of both parties, Obama said spurring hiring and economic growth are not Democratic or Republican issues, they are American issues that effect every single one of our constituents.

"I am absolutely committed to working with anybody who is willing to do the job to make sure that we can rebuild our economy and make sure that Americans all across the country, regardless of political persuasion, are seeing the kinds of opportunities that we expect here in the United States of America," he said.