Obama sees US economic hope, long recovery

US President Barack Obama said in a major speech on the economy Tuesday that the United States faced a long slog in finding its way out of the economic and financial tumult battering the country but repeated that he is seeing signs of hope. "There is no doubt that times are still tough. By no means are we out of the woods just yet. But from where we stand, for the very first time, we are beginning to see glimmers of hope," the president said in speech at Georgetown University. Reaching into the Bible for his material, Obama cited Jesus's Sermon on the Mount, to compare the American economic system he inherited to the man who build his house on a pile of sand. The new economy that Obama said will emerge from America's worst economic tailspin in seven decades must be like the strong house built by the man who used a foundation of stone.