WASHINGTON, March 3 (Reuters) - President Barack Obama said on Tuesday he saw little hope of near-term improvement in the U.S. economy after a staggering drop in gross domestic product in the final three months of last year.
"The economy's performance in the last quarter of 2008 was the worst in over 25 years. And frankly the first quarter of this year holds out little promise for better returns," he said in a speech at the Department of Transport.