WASHINGTON – President Barack Obama’s top economists say the nation is on track to make economic progress over the next two years, but say it would do even better if Congress would enact the additional spending he proposed in his most recent budget. A divided Congress in an election year is not likely to heed that call.
In their annual report to the president, the Council of Economic Advisers says the nation’s economy would grow by 3.3 per cent in 2014 and 3.5 per cent in 2015. It adds that unemployment would drop to 6.4 per cent in 2015 and 6 per cent in 2016. February’s unemployment rate was 6.7 per cent.
That forecast assumes that Congress would approve $56 billion in spending that is above the limits set in a bipartisan budget agreement earlier this year.