But the muddled data has weakened the clarity of Biden's pitch and emboldened Republican criticism. can withstand inflation at a 40-year high.īiden's $1.9 trillion coronavirus relief package was supposed to propel the economy to new heights that Democrats could then sell to voters in this year's midterm elections. There were technical reasons for the decline that likely obscured the actual health of the economy, yet the drop clearly put the president on the defensive after he has said repeatedly that the booming job market means the U.S. gross domestic product shrank during the first three months of 2022.Įconomic activity declined at annual rate of 1.4%, a sharp reversal from last year when growth was the strongest since 1984. WASHINGTON (AP) - President Joe Biden’s upbeat message that the economy is cruising along hit a troublesome speed bump on Thursday when the federal government reported that U.S. authority to liquidate assets seized from Russian elites - the “bad guys,” as Biden called them.ĭrop in US GDP challenges Biden's pitch to voters In the latest attempt to pressure Russia to end its war and to pay for the enormous costs of defending Ukraine, the Biden administration on Thursday called on Congress to enhance U.S. He's asking Congress to streamline the process to allow that to happen. WASHINGTON (AP) - President Joe Biden doesn't want to just seize the yachts, luxury homes and other assets of Russian oligarchs, he wants to sell off the pricey goods and use the money to help rebuild Ukraine. Ukrainian authorities also reported intense Russian fire in the Donbas - the eastern industrial heartland that the Kremlin says is its main objective - and near Kharkiv, a northeastern city outside the Donbas that is seen as key to the offensive.ĮXPLAINER: Why US needs a law to sell off oligarchs' assets
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The mayor of Odesa, in southern Ukraine, said rockets were intercepted by air defenses.
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Meanwhile, explosions were reported across the country, in Polonne in the west, Chernihiv near the border with Belarus, and Fastiv, a large railway hub southwest of the capital. Secretary-General António Guterres, who said Ukraine has become “an epicenter of unbearable heartache and pain.” A spokesperson said Guterres and his team were safe. The bombardment came barely an hour after Ukrainian President Volodymyr Zelenskyy held a news conference with U.N.