Detailed text transcripts for TV channel - FOXNEWS - 20110729:17:15:00 : vimarsana.com

the government saying that america's economy grew an anemic 1.3% this spring. that is the weakest pace since the big recession officially ended two summers ago. what's more dramatic even, the economists downgraded the first quarter performance from a 1.9% growth rate to just a .4. the economy is growing at a rate of less than one half percent in the first quarter. that of course hurts. here to explain all of this and break it down into words we understand is fox business network's host of "varney & company", stu varney. the gdp had a dismal report. what does that mean? what is it? >> we were expecting bad. we got worse. over the winter the economy barely grew at all. in the spring the economy was still extremely weak. we're on the verge, we're actually in what i would call a near recession level of activity for the economy. this could not have been any worse. we were not expecting anything like as bad as

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