New economic numbers are out this morning, showing virtually no growth in the first three months of the year. Gross domestic product expanded at a paltry 0.1 percent annual rate, the slowest since the fourth quarter of 2012, the Commerce Department said. That was a sharp pullback from the fourth quarter's 2.6 percent expansion.

Economists were forecasting growth of 1.2 percent in today's report. Stuart Varney sat down with Bill Hemmer this morning to react to the "terrible" news.

Some analysts cite the brutal winter weather as a big factor, but the Commerce Department didn't give details on the weather's impact. Varney said it's likely the weather did play a role, but analysts had factored that into their 1.2 percent prediction.

He highlighted many other factors like the stalled housing market, falling exports and $87 billion worth of unsold goods on store shelves.

Varney explained that the economy is being held down by "intense" regulation of the private sector, higher taxes across the board and the implementation of ObamaCare.

"How do we get out of this rut? How do we get out of it? There's nothing on the horizon which says we're gonna rebound robustly. In other words, this is another year where hopes of a robust recovery look like they've been flat-out dashed," said Varney.

Watch the discussion above, and read the full breakdown of the GDP numbers on