US RECESSION: Leading economists tell US Congress recession dangers rising
Martin Feldstein, professor of Economics at Harvard University, said the probability of a recession in 2008 has now reached 50 pct, a significantly higher risk evaluation than those pitched by economists earlier this year. 'If it occurs, it could be deeper and longer than the recessions of the recent past,' Feldstein said. Feldstein said the Federal Reserve should progressively cut its benchmark interest rate toward 3.0 pct, including a cut at its meeting next week. The former White House economic adviser under President Ronald Reagan also urged Congress to lower taxes.
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