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S&P Cuts U.S. GDP Growth Forecast for 2014

Standard & Poor’s lowered their forecast for U.S. GDP growth next year to 2.6 percent from an earlier assessment of 3.1 percent. The credit ratings agency cited additional sequestration cuts going into effect next year and possible impasse yet again between congressional republicans and Senate democrats. The uncertainty around the eventual reaction to tapering by the global financial markets is also a concern for S&P. Despite the fights in Washington and the spending cuts, S&P is seeing improvements in purchasing power from Americans as result of continuing gains in employment and housing recovery.