US economy is back from the brink: Obama

US President Barack Obama today said the "bold and decisive" steps taken by his administration after inauguration has pulled America's economy back from the brink.

"Thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink," Obama told lawmakers in a joint address to the US Congress wherein he passionately called for health care reforms.

"When I spoke here last winter, this nation was facing the worst economic crisis since the Great Depression. We were losing an average of 700,000 jobs per month. Credit was frozen. And our financial system was on the verge of collapse," Obama said as he opened his speech.

Admitting that a full and vibrant recovery was still many months away, the President vowed to continue with the steps to strengthen the economy. "I will not let up until those Americans who seek jobs can find them; until those businesses that seek capital and credit can thrive; until all responsible homeowners can stay in their homes.

That is our ultimate goal," Obama said. And this has been achieved due to support from the US Congress in last several months, and especially those who have taken the difficult votes that have put us on a path to recovery, he added.