White House adviser says tax deal vital to economy

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White House economic adviser Larry Summers says that failure to pass a new tax cut compromise would significantly raise the risk of a double-dip recession.

Summers says he thinks Congress will pass the deal President Barack Obama struck with Republicans — notwithstanding Democrats' heartburn over the two-year extension of tax cuts for the rich as well as the middle class.

Summers told reporters at the White House on Wednesday that he doesn't think that Congress would take a step that "materially increases the risk that this economy will stall out." That's what he says could happen if Congress fails to act.

Summers says positive reviews coming in from economists show the deal is the right thing to do.