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Republican Senator says recession coming
WASHINGTON |
WASHINGTON (Reuters) - A $700-billion financial rescue package won't save the United States from recession but might make it a little less severe, a senior Republican senator said on Wednesday.
Utah Sen. Robert Bennett, an influential voice on the Senate Banking Committee, told CNBC that a U.S. downturn was inescapable and already is evident in weakening economic data.
"I think that helps make the case," he said. "This will not solve the problem, we are headed for a recession, I am convinced, if we are not in one right now."
"But if we don't take care of the crisis in the credit markets, that recession will be far deeper and last far longer than would otherwise be the case," Bennett added.
(Reporting by Glenn Somerville, Editing by Chizu Nomiyama)
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