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Monetary, Fiscal Policy Moves Boost CBO’s GDP Forecast

Monetary and fiscal policy reactions to a possible economic slowdown have boosted the Congressional Budget Office’s prediction for real gross domestic product growth in 2008 by 0.2 percentage point, according to a letter from the agency released Friday.
In January, the agency estimated real GDP for the calendar year would be 1.7%, but in a letter to Senate Budget Committee Chairman Kent Conrad, D-N.D., it announced that it will revise that estimate to 1.9%.
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