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U.S. CBO sees economy shrinking 1.5 pct in 2009 Q4/Q4
WASHINGTON |
WASHINGTON (Reuters) - The U.S. Congressional Budget Office on Friday forecast that the U.S. economy would contract 1.5 percent in 2009 on a fourth-quarter over fourth-quarter basis, before growing 4.1 percent in both 2010 and 2011.
"Although the economy is likely to continue to deteriorate for some time," CBO said, the $787 billion economic stimulus package "and very aggressive actions by the Federal Reserve and the Treasury are projected to help end the recession in the fall of 2009."
The new analysis also said that under President Barack Obama's proposed budget plan, the deficit for 2010 through 2019 would total $9.3 trillion.
(Reporting by Jeremy Pelofsky, Editing by Chizu Nomiyama )
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