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Timmons Statement on GDP Numbers Indicating Economic Recession

In response to the preliminary estimate released by the Bureau of Economic Analysis showing that real gross domestic product (GDP) decreased at an annual rate of 0.9% in the second quarter of 2022, marking two consecutive quarters of negative GDP growth, Congressman William Timmons (SC-04) released the following statement:

“No matter how the Biden Administration tries to spin it, today’s numbers indicate that our economy is in a recession. Americans are feeling the effects of the Biden economy at the grocery store, at the pump, and at the end of the month trying to make ends meet. Make no mistake – our economy is worse off because of President Biden and Congressional Democrats' out-of-control spending. Even with today’s numbers, Democrats have revived their push for hundreds of billions of dollars in tax increases. We need fiscal sanity in Washington, and we need it now.”