CEOs Predict Slower GDP Growth, Cut Back Hiring

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The debt crisis in Europe is just one reason leaders from America's largest businesses say the U.S. economy is getting weaker.

Executives making up the Business Roundtable group say they now expect the slowest economy since the recession in 2009.

The latest CEO Economic Outlook Survey predicts real GDP will grow by 1.9 percent in 2012, down from last quarter's estimate of 2.1 percent.

"CEOs foresee slower overall economic growth for 2012 and have lower expectations for sales, capital expenditures and hiring compared to last quarter," said Jim McNerney, chairman of Business Roundtable and president and CEO of The Boeing Company.

Many of the CEOs say they have cut back on plans to hire people and spend money in the next six months.

The business leaders are worried Washington won't be able to work out a budget deal on taxes and spending.

The group is also concerned about the slow economy in China as well as Europe.

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