White House trims GDP forecast in mid-session budget review

WASHINGTON, July 8 Mon Jul 8, 2013 3:07pm EDT

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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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Comments (1)
mcg42ray wrote:
Hardly any surprise that eliminating tens of thousands of jobs because of government spending cuts and cutting the pay of hundreds of thousands of people because of sequester would have an adverse effect on the economy.

But I don’t doubt that the uninformed right wing will still blame it all, including the recession, on Obama.

Jul 08, 2013 3:31pm EDT  --  Report as abuse
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