US economy has stepped back from brink - Obama

BEVERLY HILLS, Calif. - The U.S. economy is showing signs of stabilizing after suffering the worst economic crisis in decades, President Barack Obama said Wednesday.

“It’s safe to say we have stepped back from the brink. There is some calm that didn’t exist before,” Obama said at a fundraiser for the Democratic National Committee.

Obama took credit for much of the turnaround, saying his young administration had accomplished as much or more in its first four months as any administration since Franklin Delano Roosevelt’s in the 1930s.

But though the economy is showing signs of being on firmer ground, Obama said there was still much work to be done to get the United States’ fiscal house in order.

“We can’t rest on our laurels because we’ve got a lot of work to do” in areas ranging from health care to education to curbing dependence on foreign oil, he said.