President Barack Obama said Tuesday that his administration's actions to resolve the U.S. economic recession are showing signs of progress.

Speaking at his 2nd prime time TV news conference from the White House, Obama said the multi-part strategy will take time to be reverse the economic problems that developed over a number of years. There will be no quick fixes. There are no silver bullets, Obama said.

We will recover from this recession, Obama said. But it will take time, it will take patience, and it will take an understanding that when we all work together; when each of us looks beyond our own short-term interests to the wider set of obligations we have to each other -- that's when we succeed, he said.

Speaking specifically about the controversy over the government's bailout of troubled insurance giant American International Group (AiG) and the company's awarding of bonuses to many of its executives, the president said the government lacked the authority to intervene in ways similar to those effecting the banking industry.

We will press for that intervention authority, Obama said. We don't have the tools right now.

Addressing his $3.6 trillion budget plan, the president noted higher spending in the areas of energy efficiency, health care costs and growth rates, saying it will be impossible to balance the budget in the future without addressing those issues now.

This budget is inseparable from this recovery because it is what lays the foundation for a secure and lasting prosperity, Obama said. You can't have economic recovery and a strong economic foundation without addressing rising healthcare costs.

He answered criticism from Republicans and others who claim his budget would lead to deficits of up to $9.3 trillion over the coming decade.

Obama repeated that his administration inherited a trillion dollar deficit from a Republican-controlled White House, and added that the GOP has not come up with a viable alternative to his spending plan.

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