Commenting on Friday’s news from the U.S. Bureau of Economic Analysis that the economy grew an anemic 1.3% in the second quarter, The Conference Board said that from a business cycle perspective, there still aren’t signs that the economy has re-entered a recession. However, the business research organization does not expect GDP to grow more than 2% in the remaining half of the year.

The Conference Board says news of the disappointing GDP growth, following the downwardly revised figure of 1.8% for the first quarter “comes at a bad time, when we are at the brink of political stalemate to avoid the debt default, which could spark a global financial crisis and send the U.S. economy back into recession.”

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