White House cuts economic growth forecast
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A slowdown in the housing market drove the White House on Tuesday to lower its forecast for U.S. economic growth for this year and next.
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The White House on Tuesday slashed  its forecast for this year&#039;s budget deficit to &#36;296 billion,  crediting its tax cuts for the improvement, but Democrats said  the deficit&#039;s size was nothing to boast about.
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The International Monetary Fund has cut its forecast for global growth next year slightly amid expectations that the U.S. and Chinese economies will not expand as strongly as previously thought.
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A leading forecaster of advertising spending has again reduced his estimate for growth in the United States this year, joining other experts who have also trimmed their predictions.
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The Bush administration expects  revised data due on Friday to show the pace of job creation in  the year leading up to March was much swifter than had been  believed, economists who received a White House memo on the  subject said on Tuesday.
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The United States will enjoy solid growth, low inflation and falling unemployment next year, the White House said on Friday in its official economic forecast that would normally not be released until February.
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The White House is betting that the steps it has taken to address the housing and financial crises will be enough to avert a recession without resorting to a major tax cut or new spending, as leading economists in both parties have urged, senior administration officials said.
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Early gains were wiped out as the President shared his plan to stimulate the economy.
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The White House predicted the economy would escape a recession and unemployment would remain low this year, though it acknowledged growth had already slowed.
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U.S. President George W. Bush's fiscal 2009 budget proposal released on Monday takes into account that the U.S. economy is facing a slowdown, the White House said.
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WASHINGTON -- The nation's budget deficit will drop to $205 billion in the fiscal year that ends in September, less than half of what it was at its peak in 2004, according to new White House estimates.
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BANGKOK Thailand&#39;s government on Monday cut its economic growth forecast to 6.5 percent this year after second-quarter expansion was less than expected because of record oil prices and an outbreak of bird flu.
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The White House played down talk that the United States might be headed for a recession and said a report on fourth-quarter gross domestic product released earlier on Wednesday did not change its outlook.
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Economic growth in the Washington area is slowing as the federal government begins to temper spending on local goods and services, according to a report released yesterday by George Mason University's Center for Regional Analysis.
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WASHINGTON -- The Federal Reserve on Wednesday lowered its projection for economic growth this year, citing damage from the double blows of a housing slump and credit crunch. It said it also expects higher unemployment and inflation.
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U.S. economic growth should lose steam in coming months, a research group said Thursday, indicating a clampdown on credit markets will continue to take its toll on the broader economy.
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The Bush administration predicted on Friday that economic growth would slow next year but still be strong enough to reduce unemployment slightly.