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Biden says US recession avoidable after call with ex-treasury secretary Summers

Bloomberg6/21/2022 09:43 AM GMT+08  • 2 min read
Biden says US recession avoidable after call with ex-treasury secretary Summers
US President Joe Biden. Photo: Bloomberg
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President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation.

“I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth Beach, Delaware. “I think we’re going to be able to get a change in Medicare and a reduction in the cost of insulin.”

The White House and congressional Democrats are in talks on legislation that aims to fight inflation, rein in the deficit and revive parts of Biden’s agenda. The contours of a potential deal remain under negotiation, but the package would likely include capping the price of insulin -- a key medicine for diabetics -- and federal investments in both clean energy and fossil fuels, people briefed on the talks said last week.

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