News that only a Republican (an unfeeling one at that) could cheer (from Talking Points Memo):
CBO director Doug Elmendorf offered reporters a sneak preview of his agency's forthcoming economic forecast Tuesday, at a breakfast roundtable hosted by the Christian Science Monitor. It's bad news for most Americans — and bad political news for President Obama.
"A great deal of the pain of this downturn lies in front of us still," Elmendorf said.
At the beginning of the year, CBO put the U.S. on a five-year path of modest growth, over which time they predicted the unemployment rate would crawl down toward five percent. Elmendorf sees nothing on the horizon to speed that up.