White House: no double-dip recession seen
WASHINGTON (AP) — President Barack Obama's spokesman is discounting talk that the economy may be headed back into recession, despite recent concerns of economists.
Spokesman Jay Carney says there is no question that economic growth and job creation have slowed over the past half year.
But, Carney told a White House briefing, "We do not believe that there is a threat of a double-dip recession."
The recession that began in December 2007 officially ended in summer 2009 and the economy has seen growth since then. However, that growth has slowed to a trickle in recent months.
He blamed the earthquake and tsunami in Japan, higher energy prices, default worries in Europe and recently resolved uncertainty over raising America's borrowing limit. Carney said, "We believe the economy will continue to grow."