White House slashes economic-growth forecast for 2011

09/2/2011 | Reuters

The White House lowered its forecast for 2011 gross domestic product growth to 1.7%, compared with a prediction of 2.7% in February. Unemployment will hold at 9.1% this year and decline to 9% in 2012, according to a budget review. "The economic projections make clear there is a real need in the short term to kick-start economic growth and get on a sustained higher growth path," White House budget chief Jack Lew said.

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