The Navier-Stokes equations are solved to obtain an exact description of the internal mean flow in a slab rocket motor having a rectangular cross section and two equally regressing porous walls. The scope is limited to two-dimensional incompressible and nonreactive laminar flow. In seeking an exact solution, similarity transformations are used in both space and time. Subsequently, the original problem is reduced to a single fourth-order differential equation with four boundary conditions. The exact similarity transformations involve a linearly varying axial velocity, an axially independent normal velocity, and a constant dimensionless regression ratio. The emerging nonlinear differential equation is solved both numerically and asymptotically, using regular perturbations in the injection Reynolds number R. Results are correlated and compared via variations in R and the dimensionless wall regression rate α. For hard blowing and moderate regression rates, the effect of varying α is found to be small. This justifies the use of Taylor's mean-flow profile in high Reynolds number applications. For small regression rates, the agreement between analytical and numerical solutions appears to be quite satisfactory. Since most physical problems correspond to small values of α, the analytical solution constitutes a practical equivalent to the numerical solution over a wide range of R. By way of verification, the governing equation we obtain is reducible to the classic Berman equation when regression is suppressed. Moreover, the asymptotic solution reduces to Taylor's classic expression for large injection. From the analytical formulation, closed-form expressions are produced for the velocity, pressure and shear stress distributions.