White House: U.S. Economy is No Longer in Free Fall
The director of Budget Bureau from White House, Peter Orszag, said that U.S. economy is not in “free fall”, but not out of danger zone, Mediafax informs.
“Free fall of the economy seems to have stopped”, Orszag Peter said to CNN television. The U.S. economy, biggest of the world, went into recession at the end of 2007. Since summer of last year, Gross Domestic Product (GDP) has recorded three consecutive quarters of decline.
“We are not yet out of danger zone, but there is a hope”, said Orszag.
Officials highlight that the vast program of economic stimulus, of 787 billion U.S. dollars approved by Congress in February and implemented by the administration of President Barack Obama needs time to make full effect felt.