Fox News
Expand
Browse All Video
Watch Live

You're watching...

Political fallout of new economic growth numbers

Details

  • Description

    Impact on Obama's re-election chances

  • Duration 3:08
  • Date

Clips

Also in this playlist...

Latest News

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Good evening I'm Bret -- Republicans are on the attack it Democrats are in full spin cycle after word today the economy grew.

At an annual rate of just one and a half percent in the second quarter of the year on one hand it is the twelfth consecutive quarter of growth.

On the other it's the slowest since the third quarter of last year.

We have fox team coverage tonight Jim Angle looks at the reasons for the slow down but we began.

The chief White House correspondent Ed Henry with what the numbers mean to the president and his reelection effort in emea.

Good evening -- Sunday marks 100 days until the election and this is the last possible way the Obama camp.

Wanted to celebrated.

It was just this week President Obama declared the democratic approach to the economy worked in the Clinton years and unlike Republican policies.

Will again lead to recovery.

Just like we've tried their plan we try to plant -- -- worked.

And that's the choice of this election.

A much different verdict came today from the Commerce Department which said the economy is growing at a tepid pace.

Coupled with unemployment stuck above 8% for a staggering 41 months the numbers were softball served up to the campaign of presumptive Republican nominee Mitt Romney.

It's a picture of -- Decelerating economy where consumption spending and investment spending.

-- decelerating growth.

Many forecasters say the economy is on pace for slow growth over the next year putting mr.

Obama in a precarious position for his reelection.

In fairness GDP was already contracting under President Bush and took a sharp dive the first months of the Obama administration.

After strong growth in 2010 it's slowed considerably over the last two years and the Romney camp charges uncertainties hanging over businesses and consumers.

Do I guess.

Door number one and let's -- governor Romney's plan -- tax reform oh deficit reduction.

Ford -- door number two with very high march -- actually increases.

From the president's plan that's just enormous amount of and certainly.

White House officials counter that tax -- to the Clinton years led to prosperity -- it led instead to the longest peacetime expansion in our history and it led to the creation.

24 million jobs pretty good record so that's -- the president President Obama was talking about.

With the new jobs report looming next Friday the president's focus on the Clinton record begs the question as to whether he's running from his own.

He is running on.

His record he is running on a vision for the future.

And an economic.

Plan did.

As -- one component that has as one component.

A fundamental principle that everyone -- to play by the same set of rules and everybody ought to get a fair shot.

-- the White House today also released its mid session budget review and revised downward its projections for economic growth.

This year and next it also lowered its expectations for the budget deficit this year but lower means one point two.

Trillion dollars -- Ed Henry live on the north lawn -- thank you the US.

Load More