Summers: Obama administration didn’t fully understand the economic challenges they inherited

Summers defends Obama economic record

WASHINGTON — A top White House adviser is defending President Barack Obama’s approach to reviving the economy and says the new administration inherited a situation far worse than anyone understood.

Economic adviser Larry Summers said Sunday that “we didn’t know how bad it was last winter” when the new administration took over. Despite that, he said the administration’s stimulus spending is the right framework to stop an economic free fall.

He also said an overhaul of the health care system is key to helping reduce the deficit.

Summers appeared on NBC’s “Meet the Press.”