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Obama: Economic Recovery Is Taking Hold; Still Not Strong Enough

While "we've seen encouraging signs that the recovery is beginning to take hold," it is "not happening fast enough," President Obama tells Congress this afternoon in the annual Economic Report of the President.

"Millions of Americans — our neighbors, friends, family members — are still looking for jobs," Obama continues, in the report's introduction. "This means that the most immediate task must be to get our fellow Americans back to work by accelerating economic growth and job creation by the private sector."

As for the economic outlook, after last year's 2.5 percent growth in gross domestic product, here's what the administration expects:

Obama administration's GDP growth forecasts

2011: 3.1 percent

2012: 4.0 percent

2013: 4.5 percent

2014: 4.2 percent

2015: 3.6 percent

You can download the whole report, or individual chapters, here.