With budget cuts, White House projects GDP to grow 2 percent this year
WASHINGTON (Reuters) - The White House projects that the economy will grow about 2 percent this year if the across-the-board automatic spending cuts remain in place, Alan Krueger, chairman of the White House Council of Economic Advisers, said on Wednesday.
The White House had originally projected 2.6 percent growth in GDP, assuming the cuts would be averted, Krueger said in a briefing on the budget, noting overall economic growth in 2013 is forecast to remain similar to 2012.
- Sunken Korea ferry relatives give DNA swabs to help identify dead |
- Special Report: How the U.S. made its Putin problem worse
- Vice-principal of South Korea school in ferry disaster commits suicide |
- Death toll climbs to at least 13 in worst tragedy on Everest |
- Mediator heads to east Ukraine, seeking surrenders |