(MoneyWatch) The White House on Monday revised downward its forecast for U.S. economic growth this year, citing government spending cuts, the ongoing recession in Europe, and slowing expansion in China and other emerging markets.
In its so-called mid-session review, the Office of Management and Budget projected that domestic GDP will expand in 2013 at an annual rate of 2 percent. That's down from the 2.3 percent rate of growth that the Obama administration assumed in its annual budget in April. OMB also reduced its forecast for growth in 2014 to 3.1 percent, down a tick from 3.2 percent.
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"Although Administration actions helped spark the ongoing recovery, the economy has faced serious headwinds that have held down the...Read more on cbsnews.com »»»
