[Congressional Record Volume 168, Number 125 (Wednesday, July 27, 2022)]
[Senate]
[Page S3745]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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  SENATE RESOLUTION 724--EXPRESSING THE SENSE OF THE SENATE THAT THE 
  HISTORIC DEFINITION OF A RECESSION IS 2 NEGATIVE QUARTERS OF GROSS 
                        DOMESTIC PRODUCT GROWTH

  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:

                              S. Res. 724

       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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