"This recession cost us dearly millions of lost jobs, trillions in lost savings, thousands of failed businesses, homes foreclosed, retirements delayed, educations deferred. Across the country, families are still hurting. And it's going to take time for us to get everyone back on their feet," he said.

Obama's economic team has recently announced a series of personnel changes. Apart from Summers and Allison, Christina Romer, who chairs the White House Council of Economic Advisors (CEA), also announced decision to step down.

Analysts say that those personnel changes indicate the political challenge that the Obama administration is facing under the pressure of an election year.

Republicans criticized that the Obama administration's economic policy has failed, at least in terms of unemployment rate. They called for Obama to fire both of his top economic advisors -- Geithner and Summers.

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