resuming but they were stalled yesterday, what happened? welcome everyone i am david in for neil cavuto this is cavuto live it edward lawrence is falling brightness of the g7 summit. will play right now president joe biden is at a dinner with other g7 leaders. ukrainian president is not at that dinner. gradient president zelenskyy will meet at some point with president biden tomorrow. ukrainian president has already met with the italian prime minister today. that narrative but also the debt ceiling impasse overshadowed this trip, listen. a subject of interest. [laughter] here at the g7. countries want to have a sense of how these negotiations are going to play out. the president has expressed confidence he believes we could drive to an outcome will redo avoid default. the president meeting countries about two hours going to cancel leg of the trip because of the debt ceiling impasse bridging the bilateral meeting with austrian prime minister reverser directly from the pr
government reported a second straight quarter of negative economic growth. so this complicated picture is why president biden is pushing back against talk of a recession. with both senator schumer and manchin. that s consistent with the transition to a stable steady growth and lower inflation, but if you look at our job market consumer spending, business investment, we see signs of economic progress in the second quarter as well. joining us now to take a closer look at this, cnbc senior economics reporter steve liesman and ben white, politico chief economic correspondent and host of the politico money podcast. steve, when you take all of this data into account, all these indexes, what does it tell you about the state of the economy right now? it tells us that for sure the economy has slowed. remember, we did like 6% growth in the fourth quarter and now we ve come off two quarters in a row. the first quarter we came off because of what was happening with inventories. thi
definition of what would count as wasteful spending is very different than where republicans are printed two sites seem to have a long ways to go there would to come to an agreement. david: francesca of the larger picture of the presence of us in a polling well economy is not polling well. the real clear average building all of the polls together pushes approval on the economy disapproval way more than that 58%. their fox news poll that came out 35% approval, 63% approval either way it s bad news for the president on economic policy. in a default on his watch would not be good news for the president either. that s part of the reason why you see the president coming back from his trip early on sunday evening for the whites has partnered deal with this exact problem. to be in the review for conversations taking place.
their party and the country s paying the price with a disastrous foreign policy and economic policy we are seeing right now. john: elizabeth warren is not driving the bus on economic policy, jerome powell has a job. good to spend time with you, thank you. sandra: good to have you, senator, thank you. john: remember back when gas prices were so sky high, the biden administration started draining the strategic oil reserves and the president promised to buy back oil when it was cheap. even framed it as a good deal for american taxpayers. sandra: today lawmakers are asking energy secretary jen granholm how that s going. her response had phil flynn all riled up. what she had to say on that and china.
thanks so much for starting us off. we re going to dive deep near this now because joining us now is brian deese, director of the white house economic council who advises the president on economic policy. brian, we ll give you the floor. when you pull together all the data we ve got on this economy, what does it show you about where things stand? number one, we have an historically strong labor market as you were just discussing. 2.7 million jobs created over the first half of the year. the unemployment rate at 3.6%. number two, we re clearly moving through a transition. we ran the first leg of this race at an extremely fast clip, historically strong economic growth. that s positioned the united states in a better place than almost any other country globally to deal with the serious global challenges that we face with inflation being first and foremost among them. in the midst of this transition, we do need to work to get prices