Business News
Biden: US government underestimated economic crisis
Jul 5, 2009, 17:28 GMT
Washington - The government of US President Barack Obama had initially underestimated the extent of the economic crisis, said Vice President Joe Biden on Sunday.
Speaking on the US broadcaster ABC, Biden said the new government had not realized what a poor state the US economic was in as they took office.
He however defended the government's 787-billion-dollar stimulus package, saying time was needed for the measures take effect.
The International Monetary Fund has predicted that the US in 2010 would only see 0.75 per-cent growth, while 2009 would see the country's economy shrink by 2.5 per cent.
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