much right at the moment. not necessarily feeling it right now, but in the future, i have big plans. if interest rates go up on the home mortgages, i could be a little screwed there. i m in the corporate world. it s concerning. with the prices going up, we cannot afford sometimes what i you know. so it s hard for me. have to pinch here and there. still living our life. neil: the white house learning what americans knew all along. we re indeed in a recession. the economy pulling back as prices refuse to let up. stocks ignored this and moved up what is really up? we re going to talk to senior economic adviser, gene sperling in just a moment. this is neil cavuto and your world. first to edward lawrence at the white house on how all of this is being digested there. edward? the president confident that we re not in a recession. we re hearing it from everyone in the administration. don t look at the gdp numbers. look at job growth. in fact, the jobs that the adminis
trying to redefine recession? we are not redefining recession. greg: president biden s prediction there being no recession lasting about as long as kamala s doomed presidential campaign. democrats are pushing more massive spending for some reason, to get us out of it. biden is brushing off the bad economic news while claiming dishing out $700 billion for things like fighting climate change and that will actually lower inflation. chairman powell and many of the significant banking personnel and economists say we are not in a recession. we created 9 million new jobs so far as i ve become president. businesses are investing in america and record rates. the inflation reduction act will add another $370 billion in clean energy tax credits and reconciliation. that doesn t sound like a recession to me. greg: now that biden s prediction has flopped, democrats and the media are getting on the same page to try to convince americans things aren t that bad. we have to remember
forward. what do republicans have to say? the republicans offered a bit of a muted response. many not defending donald trump s actions, not yet criticizing what the justice department is doing, taking a wait and see approach. one of those republicans, lindsey graham of south carolina, who told me earlier today that he does not think that trump should be prosecuted. that s just ridiculous for me to comment over what some grand jury may be looking at. i don t see anything to prosecute him over. now, graham himself has come under scrutiny for phone calls he made to the georgia secretary of state in the aftermath of the november 2020 elections. the georgia prosecutor looking into donald trump s actions, has asked for graham to come before the grand jury and testify there. graham himself has said that he will not do that, he s trying to fight that subpoena. nevertheless, you re hearing some defense from republicans but most are saying they re going to take a wait and see a
doocy at the white house with the latest. peter? here at the white house, they think this jobs report is not a reason to worry about a recession. that phrase, make it in america, the cornerstone of my economic plan. today s report proves making it in america isn t just a slogan, it s my administration. but former obama economic adviser jason furman writes uncomfortably hot jobs report. 528,000 jobs added and unemployment rate falls to 3.5%. what worries me is average hourly earnings were up at 5.8% in july. june revised. the wage moderation that we all discussed last month was wrong data. white house officials are shrugging off the fears saying they still trust the federal reserve to adjust rates to address inflation. they claim there s more good news. in 50 straight days of gas prices falling even though they re $1.72 a gallon more than when president biden got here. you want to talk to a nurse or a teacher or a firefighter? having that little britt of breathing room
ambassador. today israel launching a serious of air strikes in gaza, who they were targeting, and the incident civilians that may have been caught up in the cross fire. good day to you. i m peter alexander in washington. for my friend hallie jackson. and joining me now is nbc news capitol hill correspondent allie vitale and anna palmer. with great gratitude we are all inside with some air-conditioning on this stifling d.c. day. allie, let s walk through this kyrsten sinema, the deal the democrats got. talk about feeling the heat. the at democracy were very concerned how this was going to end up. republicans wither trying to peel off sinema s vote. what twos from here? what happens next? yeah, peter, thankfully we are going to be in air-conditioning all the rest of the weekend, too, because the senate is working both saturday and sunday now that they have senator kyrsten sinema on board. the changes she made to the legislation, not entirely surprising for those of us who h