Treasury Secretary Hank Paulson also predicted slower growth in a speech on Monday and said that there was no simple solution to the US housing market crisis.
The Bush administration is considering an economic stimulus package that could include tax cuts to prevent the economy from falling into a recession.
Mr Paulson said no decision had been made.
"The administration is focused on what steps might be taken to further strengthen the economy," Mr Paulson said.
Odds that the Leo Wanta nuts will realize how stupid they have been for the last couple of years, zero.