Bush to discuss US economic prospects with Greenspan
President George Bush is due to discuss the prospects for growth in the US economy with Federal Reserve Board Chairman Alan Greenspan, White House spokesman Ari Fleischer said.
Bush will "listen to the chairman's thoughts about the future of the economy," Fleischer told reporters.
Yesterday, the Commerce Department announced that the economy sharply moderated its growth to 1.1% in the second quarter following 5.0% growth in the first quarter.
Fleischer said Fed economists have not changed their forecasts for 2002 GDP growth after the slower growth rate was announced.
Last month, the Fed raised its 2002 GDP growth forecast to a range of 3.5-3.75% from 2.5-3.0% in its earlier February forecast, on a Q4-over-Q4 basis, after stronger-than-expected GDP growth in the first quarter.
Prior to the release, economists had expected the second quarter growth rate to have slowed to around 2.3% for the period. Treasury Secretary Paul O'Neill is expected to join the private lunch at the White House, Fleischer said.
