Saturday 30 July 2011

White House says economy to grow despite weak GDP

The interesting thing here is that the White House is acknowledging the effects of high oil prices as well as the effects of Fukushima.

Fri Jul 29, 2011 1:40pm EDT

White House spokesman Jay Carney said on Friday President Barack Obama expects the U.S. economy to keep growing despite a slowing trend reflected by weak GDP numbers.

The economy grew at a 1.3 percent annual pace in the second quarter after expanding just 0.4 percent in the first three months of the year.

Carney told reporters the White House sees a lot of impact from the Japanese tsunami and earthquake as well as high energy prices on the GDP numbers.

He said the GDP numbers show the need to avoid causing more uncertainty for the U.S. economy by reaching a deal to raise the U.S. debt

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