Paulson expects slowdown to persist for several months

WASHINGTON — Treasury Secretary Henry Paulson says the current financial challenges facing the country will persist for a number of months, but he said the economy will rebound.

Paulson, speaking to an audience in New York, said Tuesday night that the recovery will occur because the administration, working with the Federal Reserve, is committed to taking the necessary steps to strength the financial system.

He said that close cooperation with other countries is critical and cautioned that it was important for all nations to be careful to make sure that the actions that they are taking to deal with the crisis do not come at the expense of other countries.