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US economic growth rate in the third quarter was 2%, which was only a third of that of the previous quarter. Amid concerns that the economic recovery might be waning, President Biden has presented to Congress a budget cut in half.
Correspondent Kim Jong-won from New York.
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The US economic growth rate for the 3rd quarter announced today (29th) was much lower than the initial estimate of 2% and 2.6% to 2.8%, and the market was more than disappointed, but voices of concern were raised.
[Rick Santelli / CNBC anchor: I expected the economic growth rate (GDP) of the third quarter to be 2.6%, but in fact, just a few months ago, I had predicted a growth rate of up to 7%. But the disappointing 2%. Only 2%.] At the
beginning of the year, it was predicted that the US economic growth rate would be around 7% this year, but the economic growth rate in the second quarter was only 6.7%, lower than expected. It's a third of it.
Analysts analyzed that the recovery of the U.S. economy was hindered by consumers closing their wallets as the delta mutation re-spreaded last summer amid supply disruptions around the world.
In the midst of this, President Biden greatly reduced the budget for the Ministry of Social Welfare, which was promoted as a priority project, from the original $3.5 trillion to $1.75 trillion, half of the budget.
The opposition party as well as centrist lawmakers of the ruling Democratic Party oppose it, and proposed a compromise when the passage of the budget bill became unclear.
[Joe Biden/President of the United States: No one, including me, can have everything he wants.
That's a compromise and a negotiation.
I've been running like that so far.]
It is noteworthy whether this win by President Biden will open the door for the social infrastructure budget, which was being pushed forward with the Ministry of Social Welfare budget.