Obama Admits Failure of Quick Fix for Economy

President Barack Obama said on Saturday "Our economic recovery will take years -- not months."

Obama, who has made fighting the country's economic and financial crises the top priority of his administration, called on the U.S. Senate to approve what many are calling a pork-laden spending bill that the House of Representatives passed absent of any Republican support.

"Soon my Treasury secretary, Tim Geithner, will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families," Obama, a Democrat, said in his weekly radio address.

"We'll help lower mortgage costs and extend loans to small businesses so they can create jobs."

Obama did not offer specifics about the new plan or say when it would be unveiled. His chief spokesman, Robert Gibbs, said on Friday that the White House would hold meetings next week about financial industry regulation.

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