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White House blames GDP decline on defense spending decreases, Hurricane Sandy

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The White House this morning reacted to the news of the declining GDP rate by blaming defense spending decreases and Hurricane Sandy. The U.S. economy shrank by 0.1 percent in the fourth quarter, for the first time since mid-2009. “A likely explanation for the sharp decline in Federal defense spending is uncertainty concerning the automatic spending cuts that were scheduled to take effect...