US President Joe Biden addresses the Major Economies Forum on Energy and Climate from the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House, in Washington, DC on June 17, 2022. Biden hosts the virtual summit of major economies, attempting to tackle climate change just as fallout from Russia's invasion of Ukraine underlies the globe's reliance on fossil fuels. (Photo by Oliver Contreras/SIPA USA)
President Joe Biden adresses the Major Economies Forum on Energy and Climate
WASHINGTON (AP) — President Joe Biden and his administration are going all out to play down a sobering new economic report.
Instead, the president is highlighting legislative progress on measures he says will help tame inflation, reflecting political tensions sure to keep playing out in the runup to the midterm elections. Republicans say Thursday’s report showing the economy shrank for the second consecutive quarter is evidence of a “Biden recession.”
Biden pointed to near-record-low unemployment and signs of continued business investment in the economy. And he celebrated congressional passage of a bill to boost the U.S. semiconductor industry and a Democrats-only proposal to lower prescription drug costs and tackle climate change.
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