U.S. growth forecast to tumble
The White House is lowering its forecast for economic growth this year and next, held back by the toll of the housing, credit and financial debacles.
Under the Bush administration’s new forecasts, gross domestic product is estimated to grow by only 1.6% this year. That’s down from a 2.7% growth projection made earlier this year.
Growth next year is expected to clock in at 2.2%, also lower than the 3% growth rate previously estimated by the White House’s budget office payday loan online.
The budget office increased its estimate for next year’s budget deficit to a record $482 billion.