VOA常速英语2008年-US Treasury, Central Bank See Weak Economic Gro

By Barry Wood
Washington
14 February 2008

In a rare joint¹ appearance before a congressional committee Thursday, the U.S. treasury² secretary and the head of the central bank said the U.S. economy has weakened but will probably avoid recession. VOA's Barry Wood reports.

Federal Reserve Board Chairman Ben Bernanke said the outlook for growth has worsened in recent months and faces a sluggish³ growth outlook for the near future.

"Growth looks to be weak but still positive during the first half of the year, and with some expectation of strengthening later in the year," he said. "But again, that is a baseline and there are risks to that forecast."

The central bank will issue a revised forecast in the next few days. The International Monetary⁴ Fund, in a forecast released last month, marked down its estimate of U.S. growth to 1.5 percent for the year.

Treasury Secretary Henry Paulson was slightly more optimistic in his remarks to the Senate Banking⁵ Committee.

"The risks are to the downside," he said. "We're watching it carefully. I think this economic [stimulus] growth package. We're all focused on this. And there are no guarantees. But I continue to believe that this economy is going to keep growing."

Some private sector⁶ economists⁷ believe the economy has already entered a recession, which is defined as six consecutive⁸ months of negative growth.

In their questions, lawmakers were particularly concerned about the prolonged downturn in the housing market and the inability of the credit markets to function smoothly⁹. Treasury Secretary Paulson said he is watching the markets closely.

"Our principle here has been how do we prevent a market failure," he said. "How do we prevent those housing foreclosures that are avoidable."

For the first time in decades, U.S. home prices declined nationwide last year. In an effort to boost economic growth the central bank has aggressively cut interest rates, and says it will continue lowering rates as needed.

1 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

2 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

3 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

4 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

5 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

6 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

7 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

8 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

9 smoothly   

adv.平滑地，顺利地，流利地，流畅地

参考例句：

• The workmen are very cooperative,so the work goes on smoothly.工人们十分合作，所以工作进展顺利。
• Just change one or two words and the sentence will read smoothly.这句话只要动一两个字就顺了。