Lawrence H. Summers, President Obama's top economic advisor, supported White House's $787-billion stimulus massive plan for fighting the economic downturn, saying "the American economy is again in progress."

Speaking at the Peterson Institute for International Economics, Lawrence H. Summers said the country has moved a long distance away from severest point of economic downturn.

At the time of signing stimulus package Obama administration had assured that the package would trim down the unemployment rate, but unemployment rate reached 9.5 percent in June. Michigan posted the highest joblessness rate at 15.2 percent.

Obama's top economic advisor argued that the stimulus package would not have a dramatic effect in reducing joblessness rate until 2010.

Housing sector consoled administration by recording a 3.6 percent jump in June as compared with May.

It should be noted here that the U. S. deficit has surpassed $1 trillion mark for the time span of 9 months of the fiscal year.

According to Lawrence H. Summers the American economy should become more export-oriented in future.

On the other hand, Republicans are disapproved of govt.'s economic stimulus plan, saying it couldn't show its worth.