White House says economy slowed
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The economy probably slowed considerably in late summer, reflecting a slumping housing market, a White House economic official said Thursday.
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The economy could be headed for slower growth in the next several months, according to a report released Thursday by a private research group.
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The White House cuts its forecasts for US growth over the coming year as a result of a housing market slump.
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The White House reiterated on Tuesday that it considered energy prices too high but said the economy would weather the impact.
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President Bush will outline principles aimed at making an immediate impact on the lagging economy and sluggish consumer spending, the White House said Friday.
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While the U.S. economy continued to  grow in late July and August, growth slowed in several regions  as household spending softened, the Federal Reserve said on  Wednesday.
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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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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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A leading index of the U.S. economy dipped in the latest week, and a continued lack of growth in the data shows no end in sight to the current slowdown, a report showed on Friday.
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In its annual report to Congress, the Bush administration acknowledged that deepening problems in the housing and credit markets will lead to slower growth than last year.
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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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A weakening U.S. housing market and  a steady flow of Americans seeking jobless benefits will help  lead to a slowed economy over the coming months, data released  on Thursday showed.
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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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The White House said in an assessment issued today that the Iraqi government has shown mixed progress on 18 benchmarks.
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The White House said Tuesday it was not predicting a recession in the United States and but that it was open to a larger stimulus package than its proposed 140-150 billion dollar boost.
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The White House on Tuesday lowered its forecast for U.S. economic growth for this year and next, saying that the economy is moderating.
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Weighed down by high energy prices, the economy was even more sluggish than initially believed during the second quarter. But Federal Reserve policy-makers believe the pace will pick up in coming months, something President Bush is counting on as the election approaches.