The U.S. economy will likely slip into a recession by the end of the year, but the woes in the housing market are close to bottoming out, the top economist for a leading U.S. business group said on Thursday.
"I see possibly a recession by the end of the year, but it will be a relatively short recession and a relatively mild recession," said Martin Regalia, vice president for economic policy at the U.S. Chamber of Commerce.
He also said the government's economic stimulus package helped head off a recession during the second and third quarters of this year, but that a second such package would not be worthwhile.
"Some of the problems in the economy are a little more fundamental than consumption," Regalia told reporters in a briefing.
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