Nine out of ten Americans now say their economy is in bad shape.
While hosting a state visit from German Chancellor, Angela Merkel, the president admitted the economy was weak but maintained America is not headed for a double-dip recession.
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At a joint news conference with the German Chancellor, the President said America was relying on Germany to contain Europe's burgeoning debt crisis.
But there was no mention of US debt worries.
Speaking at a conference in Atlanta the Federal Reseve chairman cautioned against dramatic cuts in government spending.
Marcus Reubenstein reports.
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