plus the u.s. and russia debating a prisoner swap. antony blinken speaking with sergey lavrov. and a breakthrough on capitol hill. chuck shchumer and joe manchin striking a deal after a year of negotiations. there s a lot in this bill, including tax changes. we begin with major developments on the u.s. economy. the gross domestic product fell 0.9%, following a 1.6% drop in the first part of this your, blamed in part on the omicron surge, all of this adding to fears the u.s. could be in a recession. joining me to talk about all this, white house national economic director brian dees. good morning. thanks for taking the time this morning. happy to be here. two consecutive quarters of negative growth. every period since 1948 of two straight negative quarters of gdp has coincided with a recession. in every prior recession in the united states, we have lost jobs. and over the course of the year we have gained 2.7 million jobs. the unemployment rate is 3.6%. there s only be
look at that, there s a whole lot of crazy right there. election deniers. insurrectionists. weirdos, freaks, you have it all. the republican candidates in arizona, all of them extreme, all of them insurrectionists, all of them people who actually don t believe in american democracy. they believe in their form of government, where, well, you only recognize elections where your side wins. and this is what folks on the far right have been working on for quite some time. what this says about trumpism and the future of the republican party. also, a russian court sentences wnba star brittney griner to nine years in prison. we will have reaction from president biden and the latest on efforts to get her home. and monkeypox now declared a national public health emergency. we ll speak with a top health adviser about this later this morning. willie, we have a lot to talk about. we also have some polls out of ohio. it seems that butter is down by 10 or 11 points, according to h
before the first 2024 faceoff, and the candidates are taking very different approaches before the gloves come off. president biden is hunkered down in camp david preparing while former president donald trump is campaigning. and as trump is gaining momentum with donors, a new fox poll shows biden s building support with voters who say that immigration and the economy are still among their top deciding factors. so who s got the edge heading into next week? welcome, everyone, i m jack a key deangelis in for neil cavuto, this is cavuto live. we begin in the battleground state of pennsylvania where donald trump is holding a rally tonight. alexis mcadd a also is in philadelphia with the latest for us. hi, alexis. reporter: hey, jackie. as you said, two different approaches. we have president biden out in camp david really preparing for that debate as it grows closer here. in just a matter of days, or he ll be on that stage as former president donald trump is going to be at a te
let s bring in economic analyst steve rattner. carried interest tax is out. the excised tax on stock buybacks is in to replace that. what do you make of this package? i think the package is still a very strong package. these changes are not for the better. we can get into them. but they re relatively small in the great scheme of the enormous scope of this package. it d address climate change, prescription drug prices. it d extend subsidies for people who buy insurance under the affordable care act. it would still impose a very substantial minimum tax on companies. perhaps, very importantly, as the chart is showing, it d have a major impact on the deficit. this chart on the left shows the original build back better plan, which was never deficit neutral. it d always have increased the deficit. particularly, it d increase the deficit in the first five years and theoretically made it up in the back five years. that s a long time away.
and thrilled to have been a part of it. it is not yet whether kyrsten sinema or bernie sanders are on board. are you confident you have the votes to get it through? defeat is not an option here. it s common sense, all good stuff, deficit neutral, works on inflation, puts people to work, covers folks for health care, brings down prescription prices. who would not be for that? the washington post is reporting that larry somers was key in speaking to manchin and convince him this package is nonot inflationary. can you explain to folks at home how it will not be inflationary? in this cause, some of the earlier spending a year or two ago was not paid for. this is fully paid for, offset