The Perfect Enemy | Post Politics Now: ‘No surprise’ that the economy is slowing, country on ‘right path,’ Biden says
August 17, 2022

Post Politics Now: ‘No surprise’ that the economy is slowing, country on ‘right path,’ Biden says

Post Politics Now: ‘No surprise’ that the economy is slowing, country on ‘right path,’ Biden says  The Washington PostView Full Coverage on Google News

Read Time:2 Minute

Today, President Biden said that it’s “no surprise” that the economy is slowing but that the country is on the “right path,” shortly after a government report was released showing that the economy shrank for a second straight quarter, reviving recession fears. In a statement, Biden argued that the development was not unexpected given “historic” growth in the nation’s gross domestic product last year and efforts by the Federal Reserve to curb inflation.

View live politics updates

Meanwhile, the House is poised to pass 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. Biden is expected to pitch that legislation during remarks from the White House on Thursday afternoon.

Your daily dashboard

  • 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 wasspoke with Chinese President Xi Jinping. The White House said it would provide a readout afterward.
  • 11 a.m. Eastern: House Speaker Nancy Pelosi (D-Calif.) holds a news conference on reproductive rights. Watch live here.
  • Noon Eastern: Biden delivers remarks on the Inflation Reduction Act of 2022. Watch live here.
  • 2:15 p.m. Eastern: Biden delivers remarks on the economy. Watch live here.
  • 3:15 p.m. Eastern: White House press secretary Karine Jean-Pierre briefs reporters. Watch live here.

Got a question about politics? Submit it here. After 3 p.m. weekdays, return to this space and we’ll address what’s on the mind of readers.