Ryan Avent puts today's report in context:

Americans continue to hope for a real recovery. During the first three years after the 1981-82 recession, the economy grew above 3% in 11 of 12 quarters and at greater than 5% in 7 of 12. Eleven quarters into this recovery, the economy has managed 3% or better only four times and has yet to reach 4%. But America's underlying fundamentals look increasingly strong. A gridlocked Congress and an inflation-averse Federal Reserve may try to gum up the works. But this morning's disappointing number is by no means a reason for despair.

Mark Perry points out that a decrease in government spending significantly lowered the GDP number:

Perhaps today's GDP report is actually better than what is being reported, as the private sector of the U.S. economy grows at a rate slightly above the historical average, and twice the average rate since 2000.  

Daniel Gross takes a closer look at government spending:

So in 2011, declines in government consumption sapped economic growth by .44 percentage points. But in the first quarter of 2012, contraction in the government sector took a bigger bite out of growth—subtracting .6 percentage points from the growth rate. And it's not because Republicans in Congress pushed through tough cuts in social spending. No, a decline in defense spending accounted for most of that reduction.

Jared Bernstein's quick take: