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Economy could add to GOP woes
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Party
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| Contributor | COSDem |
| Last Edited | COSDem Oct 02, 2005 11:21pm |
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| Category | News |
| Media | Newspaper - USA Today |
| News Date | Monday, October 3, 2005 05:00:00 AM UTC0:0 |
| Description | Things are going so badly for President Bush and his fellow Republicans that it is hard to imagine what could come along and make it worse. Think recession.
With Bush's approval ratings near a low point, he is running near empty on political capital and finds himself presiding over a restive GOP.
A recession could hasten his status as a lame-duck president ahead of the 2006 midterm elections and jolt the party that controls both ends of Pennsylvania Avenue.
The "R" word is being heard more often among economists, especially after recent reports showed tumbles in consumer spending and confidence.
New-home sales are down. Auto sales have slowed. Higher energy prices — due partly to the hurricanes that damaged drilling and refining installations along the Gulf Coast — have eroded consumers' buying power. Inflation is trending higher. Interest rates, too.
"Recession risks are rapidly rising," said Mark Zandi, chief economist of Economy.com, an economic analysis service in West Chester, Pa. The last recession was in 2001. |
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