[Congressional Bills 117th Congress] [From the U.S. Government Publishing Office] [S. Res. 724 Introduced in Senate (IS)] <DOC> 117th CONGRESS 2d Session S. RES. 724 Expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 27, 2022 Mr. Cruz (for himself, Mr. Scott of South Carolina, and Ms. Lummis) submitted the following resolution; which was referred to the Committee on Homeland Security and Governmental Affairs _______________________________________________________________________ RESOLUTION Expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth. Whereas, globally, the most commonly used and widely accepted definition of recession is 2 negative quarters of gross domestic product growth; Whereas most of the recessions in the United States identified by the National Bureau of Economic Research have consisted of 2 negative quarters of gross domestic product growth and in each of the last 10 instances in which there have been 2 or more such quarters, a recession was officially declared; Whereas use of the historic definition of a recession by the Federal Government has been important for purposes of economic study and analysis, historic comparisons, and policy making: Now, therefore, be it Resolved, That it is the sense of the Senate that the Federal Government should continue to use the historic definition of a recession. <all>