President Biden does not expect the U.S. economy to enter a recession ahead of a key report on gross domestic product (GDP) that could show the economy contracting.
"We're not going to be in a recession in my view," Biden told reporters on Monday afternoon after a virtual event focused on semiconductor legislation.
"The employment rate is still one of the lowest we've had in history. It's in the 3.6 [percent] area. We still find ourselves with people investing," Biden continued. "My hope is we go from this rapid growth to steady growth, so we'll see some coming down. But I don't think we're going to, God willing, I don't think we're going to see a recession."
The Bureau of Economic Analysis is scheduled to release second-quarter GDP data on Thursday. If it shows negative growth, it will mark the second consecutive quarter where the economy contracted, an indicator that often is used by economists to mark a recession.
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Welcome to The Hill's Evening Report, catching you up on news from the afternoon and looking at the big stories likely to impact tomorrow. |
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📝 Trump removed lines from Jan. 7 speech condemning Capitol attack
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Former President Trump cut lines from a Jan. 7, 2021, address condemning the rioters who entered the Capitol the day prior as not representing him or "our movement."
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| 🔥 Biden to announce steps on wildfires, extreme heat this week
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The Biden administration this week will announce actions aimed at reducing wildfire risk and protecting people from extreme heat, according to a White House official. |
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📈 Grain prices shoot back up after Russian missile attack
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A Russian missile attack on the Ukrainian port of Odessa drove grain prices back up after they relaxed on news of a United Nations-brokered deal between Moscow and Kyiv struck late last week to move stalled agricultural goods out of the Black Sea. |
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💉 Fauci: BA.5 booster likely best approach to handling COVID this fall
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Anthony Fauci, President Biden's chief medical adviser, says a COVID-19 vaccine booster specific to the BA.5 omicron subvariant — which is currently dominant in the U.S. — is the "best guess" for dealing with the virus this fall amid the ever-evolving coronavirus pandemic. |
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😷 Biden's COVID symptoms 'almost completely resolved,' doctor says
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President Biden's COVID-19 symptoms are almost completely resolved, his physician Kevin O'Connor said in a memorandum released by the White House on Monday. |
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🦠 Murkowski, Manchin test positive for COVID-19
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Sen. Lisa Murkowski (R-Alaska) and Sen. Joe Manchin (D-W.Va) have tested positive for COVID-19, throwing another wrench in the Senate's plans for the week. |
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🧑⚖️ Atlanta-area DA disqualified from investigating fake Trump elector
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The Atlanta-area prosecutor who is probing the effort by former President Trump and his allies to overturn the 2020 election result in Georgia was disqualified by a judge Monday from criminally investigating one of the 16 Republicans who served as a phony slate of pro-Trump electors.
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| Our new YouTube channel posts rapid updates on the top story of the day, tracking key figures in politics and making sense of important policy decisions and how they impact your life. |
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📊 Nearly 6 in 10 support federal law protecting same-sex marriage: poll
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Nearly 60 percent of Americans agree that the right to same-sex marriage should be shielded by federal legislation, according to a Politico and Morning Consult poll published Monday. |
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💻 Hulu not running Democrats' ads on abortion, guns
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Democratic campaign groups are slamming the Disney-owned streaming service Hulu for what they say is its refusal to run ads on the crucial midterm election issues of abortion and gun safety. |
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⚖️ Ghislaine Maxwell moved to low-security prison in Florida
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Ghislaine Maxwell has reportedly been moved to a low-security federal prison in Florida amid her 20-year sentence for her part in Jeffrey Epstein's sexual abuse and trafficking of underage girls. |
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🏛️ Former congressman charged with insider trading
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The Securities and Exchange Commission has charged former Rep. Stephen Buyer (R-Ind.) with insider trading, including purchasing stocks based on nonpublic information. |
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🐒 These are the states with the highest rates of monkeypox cases
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There have been a total of 2,891 monkeypox cases reported across the country, according to the Centers for Disease Control and Prevention, and it has been detected in 44 states and the District of Columbia.
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🇲🇲 Blinken: Myanmar military executions 'reprehensible'
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Secretary of State Antony Blinken called the Myanmar military junta's recent executions of pro-democracy activists and elected leaders "reprehensible." |
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✈️ Thousands of Boeing workers set to walk off jobs
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Nearly 2,500 Boeing workers are planning to strike next week after rejecting a new union contract offer from the aerospace company.
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🏈 NFL unveils streaming service
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The National Football League is breaking into the direct-to-consumer streaming business. |
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Congress should seize opportunity to cut medication costs
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"While we rarely see simple, bipartisan solutions move forward, at this very moment, Washington has a vehicle that would provide immediate relief to American patients who rely on copay assistance when they get to the pharmacy counter," writes Sally Greenberg, executive director of the National Consumers League. |
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