Newspaper article St Louis Post-Dispatch (MO)

White House Sees Expansion Continuing

Newspaper article St Louis Post-Dispatch (MO)

White House Sees Expansion Continuing

Article excerpt

The U.S. economic expansion is expected to sail on in 1996, although bad winter storms and federal government shutdowns may have caused some turbulence at the start of the year, the White House said Wednesday.

"We think overall that the prospects for the economy are very strong," White House economic adviser Joseph Stiglitz told reporters while presenting the Economic Report of the President, an annual review of the economy's health.

Stiglitz said the prospects for a balanced federal budget would spur growth by holding down long-term interest rates while the stock market boom would also give consumer spending a shot in the arm.

As cuts in government spending begin to slow the economy over the next few years, the report added, it may be necessary for the Federal Reserve to lower interest rates to offset this.

"All signs point to the current expansion continuing into the foreseeable future," the report said. "As the year 1995 ended, the economy was fundamentally sound. …

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