The economy will grow by less than 3% through 2012, and unemployment will remain above 8% until 2014, the non-partisan Congressional Budget Office projects.
In its semiannual update of budget and economic data, the agency — which serves as the official scorekeeper for President Obama and Congress — projects painfully slow progress on the economic front through next year's election and beyond.
Economic growth will remain slow but steady, it says, increasing by 2.3% this year and 2.7% next year. In a blog post on the agency's website, director Douglas Elmendorf notes those projections were made in early July — before financial market gyrations and some lackluster economic indicators.
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