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White House says next GDP will be bad

Oct. 23, 2008 at 5:05 PM
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WASHINGTON, Oct. 23 (UPI) -- The White House Thursday came close to acknowledging a recession is under way, saying next week's gross domestic product report is expected to be bad.

Spokeswoman Dana Perino said she agreed with former Federal Reserve Chairman Alan Greenspan's assessment that there will be a significant rise in layoffs and unemployment.

GDP is the broadest economic measure of the nation's output of goods and services.

"I think that that is right, and I think that's what we have been saying, that we're in for a rocky road for -- on the employment front," Perino told the daily White House press briefing. "And we expect our GDP number next week not to be a good one. And the next quarter could probably be tough, as well."

Perino said there has been a "tremendous slowdown in our economy" and the Treasury Department has yet to actually put any of the $700 billion rescue package into the marketplace.

On the possibility of a new stimulus package, Perino said President George Bush is open to ideas but that realistically nothing will get done until after the elections when Congress reconvenes Nov. 17.

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