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government reported a second straight quarter of negative economic growth. so this complicated picture is why president biden is pushing back against talk of a recession. >> with both senator schumer and manchin. that's consistent with the transition to a stable steady growth and lower inflation, but if you look at our job market consumer spending, business investment, we see signs of economic progress in the second quarter as well. >> joining us now to take a closer look at this, cnbc senior economics reporter steve liesman and ben white, politico chief economic correspondent and ho...

Quote cnbc which is my favorite definition of this. it's squishier than simply those two negative quarters. why is that? >> well, because a recession is a very unique phenomenon, and, yes, squishier is actually an official recessionary term or economic term. here's the deal. the deal is that people want to use that benchmark, and i get it because it's an easy benchmark to use of these two negative quarters. in general when we do two negative quarters we are in recession. the reason is because the nber looks at a variety of factors and really there's three things looking for. is the downturn pe...