[SeekAndFind]

As for the good news, The Wall Street Journal reported, the CBO projected that the annual federal budget deficit is going to be smaller than previously projected.

[oh8eleven]

“the surprising economic weakness in the first half of the year..."
No, actually it's the (not so) surprising economic weakness since January 2009.

[Pontiac]

In the bad news column, CBO projected 2014’s GDP growth at just 1.5 percent. The report blamed this revision on “the surprising economic weakness in the first half of the year.”

If they were honest they would be forecasting negative growth.

I predict negative growth based on rising cost of electric power and record breaking unemployment.

If people are not working they have lower income. If fewer electric power plants are operating the cost of electricity rises increasing the cost of production for goods and services.

With the rising cost of goods depressing consumer spending and consumers having less to spend the economy will naturally shrink.

[Fledermaus]

DUH!

[Hotlanta Mike]

As James Carville so aptly put, “It’s the economy stupid”.

[Iron Munro]

[jocon307]

All together now: UNEXPECTEDLY!!!!!!!!!!!!!

[Wyatt's Torch]

1st revision of 2Q GDP comes out tomorrow. Consensus estimate is 3.9% (vs 4.0% advance estimate).

Met with an economist from IHS today and they have it at 4.3%.

Stone McCarthy estimates 3.6% in a client note today:

“We expect the second estimate for real GDP growth in Q2 2014 to be revised lower to +3.6% SAAR from the originally reported gain of 4.0% in the advance release. Since the Advance Q2-14 estimate was reported on July 30, the subsequent trade data were better than the BEA’s assumptions used to construct Q2 real GDP, but the inventories data fell short.

Here we look at the impact of the inventories data that has been reported since the Advance estimate for the Q2-14 revision. Inventories contributed 1.66% to GDP data as per the Advance estimate. But, since then, reported inventories for manufacturing, wholesale and retail industries all came in below the BEA’s forecasts and suggest that the inventory contribution in Q2 will be smaller in the second estimate.”

[BitWielder1]

Let's see, no gas in the tank (check), foot firmly on the brake (check), why aren't we moving?
Surprising indeed.

[1Old Pro]

The Obama near recession drags on.

[Army Air Corps]

So, of course, it is an ideal time to levy further taxes on fuel and energy.

[Pollster1]

Imagine how bad the economy would be without the brilliance of Stimulus, TARP, Cash-for-Clunkers, ObamaCare, and the rest of the big government agenda. [That is what I hear from leftists all the time - they are immune to reason and to evidence.]

[ForYourChildren]

If this was a conservative the headline splashed all over the MSM would be:

“Bad Leadership to Blame as Economy Underperforms by 50%”

Black employment at lowest level since depression. Children are undernourished as parents neglect good eating habits. Almost half population on welfare....

[Vendome]

And that will be revised downward even further just before Christmas 2015....