From Reuters: President Barack Obama Thursday sharply cut estimates for U.S. economic growth, underscoring the difficult challenge he faces in spurring a stronger recovery and creating more jobs.The president, who must curb high unemployment to improve his chances of winning re-election in 2012, will give a major speech Sept. 8 on how he plans to lift hiring and growth.
"The economic projections make clear there is a real need in the short term to kick start economic growth and get on a sustained higher growth path,'' White House budget chief Jack Lew told Reit Rating.
As a result, it offered an alternative economic forecast based on what has happened in recent weeks. This projects GDP growth this year of 1.7 percent, compared with 2.7 percent expected back in February, with 2.6 percent forecast for 2012, down from a 3.6 percent prediction in February….
Read more at http://www.cnbc.com/id/44360288
No comments:
Post a Comment