One of President George W. Bush's top economic advisers says parts of the country are probably already experiencing a recession and it could take a few months before the clogged credit system starts working again, the associated press reported.
Many analysts predict the economy could contract over the final three months of this year and in the first 90 days of 2009. That would meet the classic definition of a recession - two consecutive quarters of economic contraction. Some economic analysts say the sagging economy already is in recession.
The White House has been loath to use that word, both because the technical definition has not been met and because it carries such negative weight.