White House: Economic slowing to be temporary
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The U.S. economy will slow down slightly as the once-surging housing market cools but overall growth will soon bounce back, White House economic adviser Al Hubbard said on Thursday.
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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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The U.S. economy will see a mild slowdown as the once-surging housing market cools but overall growth will soon bounce back, White House economic adviser Al Hubbard said on Thursday.
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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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The recent spike in oil prices has had some negative impact on the US economy, but the futures markets suggest that this will be a temporary phenomenon, a top Fed official said on Sunday.
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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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President Bush said Tuesday that he is watching very carefully to see if the struggling U.S. economy needs a short-term boost from the federal government.
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Bush administration officials on Friday sought to ease fears the U.S. was tipping into recession after a government report showed the economy shed jobs for the first time in four years last month.
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The I.M.F. said a cooling housing market is likely to trigger a slowdown in the United States economy and abroad.
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The slowing U.S. economy is unlikely  to sink into an election-year recession and an economic rebound  could begin as early as next year as housing and financial  market turmoil fades, the Congressional Budget Office forecast  on Wednesday.
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U.S. growth will be tepid until mid-year but should get a one-two punch from tax rebates and lower interest rates to boost the economy, Commerce Secretary Carlos Gutierrez predicted on Tuesday.
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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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DAVOS, Switzerland  - The U.S. economic slowdown is typically short and shallow and Washington's monetary and fiscal rescue packages will lift the economy, former U.S. Treasury Secretary John Snow told Reuters.
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President of the US Federal Reserve Bank of Atlanta Jack Guynn said on Wednesday that the soft patch that the US economy hit recently was likely to be short-lived.
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The US economy is expected to slow to a still-solid 3.5 percent growth pace in 2005, allowing it to trim a record budget shortfall, the White House said.
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President Bush said on Saturday his tax cuts were working to lift growth but a senior aide acknowledged that the economy hit a "soft patch" over the last six or eight weeks.
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The White House yesterday lowered its forecast for economic growth this year and next, reflecting the drag from the housing slump.