US economy - Obama braces US for bad economic figures
US President Barack Obama braced the country for more bad economic news on Thursday, saying second-quarter GDP figures would show the economy contracted and job losses were still a "huge" problem. Obama, speaking to reporters in the Oval Office after a meeting with Philippine President Gloria Macapagal Arroyo, said the US credit and banking systems had settled down - a sign the economy had stepped away from a dangerous ledge. Obama said he had not seen the GDP figures, which are to be released today, but he referred to consensus by economists that the US economy had seen a "significant slowing down of the contraction over the last several months."
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