[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 724 Introduced in Senate (IS)]

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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.


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                   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

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                               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.
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