10/25/2008 05:12 am ET Updated May 25, 2011

Jack Welch: US Faces "Deep Downturn"

Former General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) Chairman and Chief Executive Officer Jack Welch said the U.S. economy faces a deep downturn in coming quarters, and he supports a proposed $700 billion government rescue package for the financial sector.

"I now believe we are in for one hell of a deep downturn," Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be "brutal."

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