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Recession Definition: US Senate Affirms Historical Criteria

This US Senate resolution aims to affirm that a recession is traditionally defined as two consecutive quarters of negative economic growth. For citizens, this means the government will continue to use the same, established method to assess the state of the economy, which can influence decisions regarding financial policy and support programs.
Key points
The US Senate affirms that a recession is two consecutive quarters of negative gross domestic product growth.
Maintaining this definition is important for economic analysis and government decision-making.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_SRES_724
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2022-07-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A resolution expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_SRES_724.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-07-27.

What are the main provisions?

Key points include:

  • The US Senate affirms that a recession is two consecutive quarters of negative gross domestic product growth.
  • Maintaining this definition is important for economic analysis and government decision-making.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy