Treasury Secretary Henry Paulson says we're "closer to the end than the beginning" of credit crisis [View All]

[Amerigo Vespucci]

May 7, 5:39 PM EDT

AP Interview: Paulson says credit crisis may be fading

By JEANNINE AVERSA and MARTIN CRUTSINGER
AP Economics Writers

WASHINGTON (AP) -- The worst of the nation's credit crisis may have passed, Treasury Secretary Henry Paulson said Wednesday, though he acknowledged rising gas prices will blunt the effect of 130 million economic stimulus checks.

He ruled out a second stimulus package for now.

In an interview with The Associated Press, Paulson said the turmoil that has gripped Wall Street and that took a turn for the worse again in March has eased somewhat. "There's progress," he said. "I think we're closer to the end of this" than to the beginning.

A prolonged housing slump, a severe credit crisis and soaring energy costs have pushed the economy to the edge of a recession. To help cushion the blow, the Bush administration and Congress speedily enacted a $168 billion stimulus package of tax rebates for people and tax breaks for businesses.



http://hosted.ap.org/dynamic/stories/P/PAULSON_INTERVIEW