The U.S. economy is recovering, according to many economists. But as consumers pinch pennies and businesses try to balance their budgets, the rebound could take longer then expected, Reuters reported.

“Realistically, it’s going to be a slower-than-typical recovery,” U.S. Treasury Secretary Timothy Geithner said yesterday.

The private sector will lead the recovery effort, Geithner said, though it is not yet in a position to do so, increasing the necessity of government support programs to remain in place for the time being.

“The classic pattern is that governments break too soon and too early,” Geithner told an audience at The Buttonwood Gathering held at New York’s Pace University. “That is a costly mistake” that Obama administration wants to avoid, he said.

The Federal Reserve is also extending its support in an effort to keep mortgage interest rates low.

Geithner pointed to health-care reform as one way to give consumers and businesses the confidence needed to bolster economic growth. He said reform could ease uncertainty for consumers, whose spending accounts for two thirds of economic activity.