Paulson: No recession
Prepared remarks of Treasury secretary echo earlier predictions of slower growth but no decline in U.S. economy.
NEW YORK (CNNMoney.com) -- Treasury Secretary Hank Paulson will tell the Senate Banking Committee Thursday that he still believes the U.S. economy will avoid falling into a recession this year, according to a published report.
The Dow Jones news wire reports that Paulson's prepared remark will echo his earlier statements that economic activity will not go into a period of decline now forecast by a growing number of top economists.
"I believe that our economy will continue to grow, although its pace in coming quarters will be slower than what we have seen in recent years," he said in the prepared remarks.
The remarks praise Congress for passing the $170 billion economic stimulus package signed by President Bush on Wednesday.