White House Does Not See a Recession

New York Times (02/12/08) P. C3; Andrews, Edmund L.
In the White House's annual report to Congress on the U.S. economy, White House Council of Economic Advisors Chairman Edward Lazear conceded that the slump in the residential property and mortgage finance sectors still has not hit bottom. While economic growth is expected to be sluggish during the first six months of this year, the Bush administration believes the country will be spared a recession. Officials are pinning their hopes for a recovery, as early as this summer, on the Federal Reserve's recent interest-rate cuts as well as a $168 billion economic stimulus plan just passed by Congress..