Obama says he's alarmed by deteriorating economy

February 3, 2009 3:43:31 PM PST
President Barack Obama says he's alarmed at how fast the U.S. economy has deteriorated and that worrying about it keeps him up at night. [CHECK THE MARKETS: Get the latest numbers from Wall Street]
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In a series of network television interviews, the president said the short-term outlook is bleak.

He told CNN that even three months ago, most economists would not have predicted the economy was "in as bad of a situation as we are in right now."

There is "no magic bullet," he told Fox News. But he says that working with Congress on his economic package, "we are closer to getting it right."

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