White House trims GDP forecast in mid-session budget review
WASHINGTON, July 8
WASHINGTON, July 8 (Reuters) - The White House trimmed its outlook for U.S. economic growth in 2013 and 2014 on Monday but also lowered its forecast for unemployment, highlighting the lingering impacts of the recession that has stymied President Barack Obama's economy agenda.
In a budget and economic update, the White House said it expected the gross domestic product to rise 2.0 percent this year and 3.1 percent again next year - less than the 2.3 percent and 3.2 percent growth projected in Obama's budget of April 10.
The jobless rate has shown some improvement over the past six months but remains stubbornly high - above seven percent in what the Obama administration says is the lingering impact of the worst recession since the Great Depression.
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