Big admission from Vice President Joe Biden today from Iraq.
"The truth is, we and everyone else misread the economy," Biden said
Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has soared to 9.5 percent in June -- the worst in 26 years.
"The truth is, there was a misreading of just how bad an economy we inherited,"
"Now, that doesn't -- I'm not -- it's now our responsibility. So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in? And we believe it is the right package given the circumstances we're in," he added.