The White House said it sees U.S. growth rising by just 2% this year before rebounding to 2.9% in 2016—down from its earlier forecast of 3% growth for both 2015 and 2016 released in February—after the economy stalled during the first quarter. The new estimate came Tuesday in the White House budget office’s “Mid-Session Review,” which updates the economic and budget projections it made at the beginning of the year. The new growth forecast largely reflects the current thinking among private economists. The economy contracted at a 0.2% seasonally adjusted annual rate in the first quarter. The White House forecasts for gross domestic product, the broadest measure of goods and services produced across the economy, estimate the change in the fourth quarter from the prior-year period. At the same time, higher federal revenues and lower-than-expected government spending has helped to trim the deficit. The White House estimates that the […]