Fwd: White House sharply cuts U.S. growth forecast

From: larry.r.trout

'This projects GDP growth this year of 1.7 percent, compared with 2.7 percent expected back in February, with 2.6 percent forecast for 2012, down from a 3.6 percent prediction in February…

Under the new projections, the White House said the deficit would come down more sharply than expected to 8.8 percent of GDP this year, compared with the 10.9 percent forecast when the budget was released in February.

The improvement was largely due to spending cuts imposed under a deal struck last month by Obama and opposition Republicans to raise the U.S. debt ceiling, which will shave $1.45 trillion from the deficit over the next 10 years.'

http://www.reuters.com/article/2011/09/01/obama-budget-idUSN1E7801AZ20110901