Washington, Sep 10 (DPA) The US economy has stepped back from its worst recession in seven decades and is on the road to recovery, President Barack Obama said in a rare address to Congress Wednesday night.

In a speech before both houses of Congress that was largely devoted to health care, Obama took credit for pulling the world's largest economy out of a deep crisis but warned there was more pain to come.

'Thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink,' Obama said.

But he cautioned: 'We are by no means out of the woods.