WASHINGTON (Reuters) – The economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed on Friday, sinking deeper into a recession that the White House said demanded urgent action.

 

In a report that showed a broad-based contraction across nearly all sectors, the Commerce Department said gross domestic product plummeted at a 3.8 percent annual rate, the biggest drop since the first three months of 1982.

 

President Barack Obama, who is pushing Congress to approve a package of spending and tax-cut measures that could cost close to $900 billion, said the report highlighted the need for quick government action.

"It's a continuing disaster for America's working families," Obama said of the latest data. "The recession is deepening and the urgency of our economic crisis growing."

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http://news.yahoo.com/s/nm/20090130/bs_nm/us_usa_economy