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US economic recovery

The US economy raised at an annualized rate of 1.9% in the first three months of the year, somewhat more rapidly than formerly thought, official figures have shown.

This compares to a 0.5% monthly rise. The last estimate by the Commerce Department showed increase of 1.8%.This contrasts with an annualized rate of 3.1% in the final quarter of 2010.

The Federal Reserve chairman Ben Bernanke says the US economic recovery will bounce back in the coming months. Mr Bernanke told reporters that growth had been slower than expected this year but said force would build in the second half of the year

US President Barack Obama has said it would be “unpardonable” for lawmakers to fail to reach a budget that would fund the government to September. President Obama spoke after he and Congressional leaders were unable to reach a budget deal on Tuesday. Without a new budget, the US government will shut down on Friday.

President Barack Obama has promised to lessen US oil imports by one-third in little more than a decade. Obama said in a speech in Washington that America had to “get sober” about a secure and reasonably priced energy future.

Posted by Dospel & GanjaParker