White House Aide Economic Crisis Worst Since World War II

One of President Barack Obama's chief economic advisers says the U.S. economy is worse than at any time since World War II, and that a "large, forthright" approach is needed to ease the crisis.

Despite that warning, Larry Summers says the United States is still not in a situation like the Great Depression of the 1930s.

He said in a televised interview Sunday on ABC's This Week the country needs an economic rescue package that supports state and local governments, and education initiatives.

President Obama has proposed a roughly $800 billion plan he says will save jobs, rescue banks and promote long-term growth.  

The opposition Republican Party says the plan is too costly and should include more tax cuts and less spending.

Senators are expected to vote on the package in the next few days.

President Obama likely will press for quick action when he holds a televised evening news conference Monday and travels throughout the country this week.

The House of Representatives already has passed a version of the economic rescue plan. Once the Senate approves its own version, both chambers of Congress must agree on one plan before President Obama can sign the stimulus package into law.

Congress passed another $700 billion bailout package last year to try to stabilize the economy. Treasury Secretary Timothy Geithner is to outline plans this week for how to spend the remaining half of that money.

Summers said Geithner's strategies will be focused on increasing the flow of credit, stabilizing banks and helping people keep their homes, despite unmanageable loans.