Goldman Sachs Cuts U.S. GDP Forecast …
Goldman Sachs (381.8, -15.57, -3.92%) Group lowered its forecast for US economic growth because Senator Joe Manchin said on Sunday that he would not support the $2 trillion tax and spending plan-US President Biden Economics The core content of the agenda.
The bank’s economic research team’s forecast for next year’s real GDP growth rate:
The forecast for the first quarter has been lowered from 3% to 2%;
The forecast for the second quarter has been lowered from 3.5% to 3%;
The forecast for the third quarter has been revised down from 3% to 2.75%.
Goldman Sachs stated that Manchin’s statement actually stifled the Democratic Party’s plan to pass the bill called Build Back Better.
“The bill originally appeared to be very hanging, and with Manchin’s statement, we are adjusting our forecasts and removing the assumption that the bill will become law,” Goldman Sachs economists said in the report. “The bill cannot be passed and it will have a negative impact on economic growth.”