The story

President Obama presented a sober assessment of the state of the economy in his prime time news conference Tuesday, but he insisted his administration has a strategy in place to "attack this crisis on all fronts."

"It took many years and many failures to lead us here. And it will take many months and many different solutions to lead us out. There are no quick fixes, and there are no silver bullets," he said.

"We'll recover from this recession, 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 interest to the wider set of obligations we have towards each other, that's when we succeed," he said. Read full article »

CNN's Kristi Keck and CNNMoney's David Ellis and Jennifer Liberto contributed to this report.

All About Barack ObamaNational EconomyTimothy Geithner

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