DENVER, Colorado - October 11, 2010 - Prospects for the U.S. economy are dimming, as the waning impact of government stimulus slows growth and high debt inhibits consumer spending, economists said in a report on Monday.

The National Association for Business Economics (NABE) said its 46-member forecasting panel cut growth projections for the world's biggest economy, pegging growth for both 2010 and 2011 at just 2.6%. In May, the last time the panel was surveyed, it forecast 3.2% growth.

"Confidence in the expansion's durability is intact, but recent economic weakness has prompted many panelists to scale back expectations for the year ahead," said NABE president-elect Richard Wobbekind.

The survey was taken from September 2- 21, and reflected a summer of worse-than-expected economic data suggesting that there is no real economic recovery occurring.

The Federal Reserve said on September 21 that it stood ready to take action to provide further support to the economy, and many analysts now believe the U.S. central bank will begin pumping more cash into the economy as soon as next month.