Top Economic Adviser: U.S. Back from Brink

President Barack Obama's top economic adviser says the nation has moved back substantially from the brink of an economic catastrophe it faced at the beginning of the year.

Lawrence Summers, the director of the National Economic Council, said economic collapse looked all too real six months ago. In prepared remarks for a speech Friday, he said efforts at an economic rescue have made progress.

Summers was scheduled to speak at the Peterson Institute, an economic think tank in Washington.

Summer's speech comes as the administration approaches its sixth month in office and as the public and members of Congress are becoming restless with Mr. Obama's economic policies. The administration is calling for patience to let its initiatives take hold.