Technically, I believe that we're currently in a slowdown. That is, the U.S. economy is still growing overall, but much more slowly than previously. But if you split the country into regions, some regions are probably in recession while some are still growing fairly decently.
Most government authorities and financial markets are expecting a mild recession later this year. It could well get worse than that, but no one expects anything worse than a moderate-to-deep recession in the U.S. in a worst-case scenario (other countries could be hit worse).
The following is a partial cross-post from the "Economic Stimulus..." thread. See that thread for the full version of the post. (The following material represents about 1/3 of the total post.)