Weak demand from battered consumers will be a “major constraint” on the US economy for the foreseeable future, key White House adviser Lawrence Summers said on Monday. Mr Summers, the director of the National Economic Council, has been banging the drum for the $787bn stimulus package in the face of Republican criticism that it is not creating the jobs it promised, the FT said. Meanwhile, the WSJ reported the Obama administration shelved a plan to raise more than $200bn in new taxes on multinational companies after a blitz of complaints from businesses.

This entry was posted by Stacy-Marie Ishmael on Tuesday, October 13th, 2009 at 4:20 and is filed under Capital markets, People. Tagged with consumers, economy, employment, Larry summers, Stimulus, tax, us. Edit this entry.