WASHINGTON  -- The top White House economic adviser said Sunday "everybody agrees the recession is over" even though many experts predict unemployment could climb higher.

Larry Summers said key indicators have shown that the economy is beginning to expand again and that job creation probably will follow. The jobless rate stands at 10 percent.

He acknowledges it will take "substantial time" before the economy recovers entirely. But he says that "what we can take satisfaction from is we've walked back from the brink."

Summers, who appeared on ABC's "This Week," spoke days after the House passed a major financial overhaul bill despite GOP objections that it would add to the deficit and hurt businesses.

Summers also told CNN that creating jobs takes priority over reducing the country's red ink in the next year.

Priority No. 1 must be getting people back to work, he said. Only then can the Obama administration begin working to reduce the deficit -- a problem he blames largely on the Bush administration.