Stocks Down as GDP Grows Just 1.3 Percent

According to new data from Commerce Department Friday, the U.S. economy grew at a dismal rate of just 1.3 percent, significantly lower than the 1.7 percent that had been expected. The new figures show the weakest period of growth since the recession officially ended. Some economists fear that the debt ceiling debate in Congress will produce cost-cutting measures that will slow the economy further. As the August 2 deadline to raise the debt ceiling approaches, it is unclear whether Congress will be able to pass a plan. Charlie Herman, economic editor for The Takeaway and WNYC, digests the latest figures and predicts what they will mean for the markets.