Thanks for joining us here on kron. 4 news at noon. Im ella sogomonian. Our top story this afternoon. The United States gdp shrank for a 2nd quarter in a row. Thats one key indicator that experts look to when evaluating if our country is in a recession. To be clear, were not in a recession just yet. Markets turned upward this morning after a shaky start in response to the news, President Biden spoke today to try and calm recession concerns. The Biden Administration says the new reconciliation bill that was passed just yesterday will help keep the economy afloat. Its a bill that cost will cut your cost of living and reduce inflation for and it lowers the deficit. It strengthens our economy for all of them and the long run as well. The reconciliation package yesterday will also help ease inflationary pressures lowering some of the biggest costs families face. The gdp report for last quarter pointed to a weaker economy all round Consumer Spending and Business Investments are down. The Fed
Kron. 4 news at 9. Im noelle bellow and im dan thorn. It is of course, wildfire season in crews are busy at work trying to put out several fires throughout northern california. One of them kubbed the mckinney fire. In siskiyou county. This, of time lapse here of the smoke is blowing through the area there because of this fire. The fire is around 30 to 40,000 acres. Crews say the cumulus clouds. In the area where the fire is burning isnt making the fight any better, rather, it could make matters worse. Now the fire is causing a chunk of that county to be under mandatory evacuations. Nearly 2000 residents have been forced to leave their homes. And today, governor Gavin Newsome declaring a state of emergency in siskiyou county. He says the fire is posing a major threat to Critical Infrastructure and destroying homes. Now were also following the very latest on the oak fire that was burning near Yosemite National park. Evacuation orders have been reduced to fire advise months there as crews
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Cryptocurrency continues to be in the spotlight and calls for cryptocurrency market regulation have accelerated following the collapse of FTX and other recent highprofile matters.