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SHARP TURN

Obama Cuts U.S. Growth Forecast

As stocks end four-day winning streak.

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Carolyn Kaster / AP Photo

Looks as though scheduling a jobs speech isn’t the hardest thing on President Obama’s plate for now. On Thursday Obama cut estimates on economic growth, predicting unemployment to be at 9 percent in 2012. White House budget chief Jack Lew said in a conference call that the projections derived from the midyear review of the annual budget show a real need to “kick-start economic growth.” In the review, the White House hinted that Obama will suggest tax cuts for the middle class, more infrastructure spending, and help for the unemployed in his speech next week. On Tuesday stocks snapped a four-day winning streak, as investors remain spooked about the coming jobs report.

Read it at Reuters

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