Q3 economic growth revised to 2.2 percent: Weaker than believed

As it turns out, economic growth is slower than we thought. The Department of Commerce has revised its third-quarter growth numbers to reflect 2.2 percent annualized growth — a significant downward revision from the 2.8 percent that was reported originally.

This is bad news for the country, of course. It is also bad news for the president, who is grasping at any straw he can find to sell his stimulus package as a successful jobs bill — even abusing a perfectly good CBO report.

Beltway ConfidentialUS

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