Today, President Biden rejected claims that the United States is in a recession following the release of a government report that showed the economy shrank for a second straight quarter. Speaking from the White House, Biden pointed to solid job growth and a rebound in manufacturing, saying, “That doesn’t sound like recession to me.”
Meanwhile, the House passed legislation strongly backed by Biden that would provide $52 billion in subsidies to domestic semiconductor manufacturers and invest billions in science and technology innovation in a bid to strengthen U.S. competitiveness with China and other nations. The Senate passed the “chips bill” Wednesday and is now angling to pass a separate economic package next week that aims to lower health-care costs, combat climate change and reduce the federal deficit.
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8:30 a.m. Eastern: The Bureau of Economic Analysis released a report showing the U.S. economy shrank at a 0.9 percent annualized rate in the second quarter.
8:30 a.m. Eastern: Biden spoke with Chinese President Xi Jinping.
11 a.m. Eastern: House Speaker Nancy Pelosi (D-Calif.) held a news conference on reproductive rights. Watch here.
12:30 p.m. Eastern: Biden delivered remarks on the Inflation Reduction Act of 2022. Watch here.
2:15 p.m. Eastern: Biden delivered remarks on the economy. Watch here.
3:15 p.m. Eastern: White House press secretary Karine Jean-Pierre briefed reporters. Watch here.
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