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away. experts believe it could fall to the lowest level since last february, the white house down plays fears of a recession. >> my hope is we go from this rapid growth to a steady growth. so we'll see some coming down. but i don't think we're going to -- god willing, i don't think we'll see a recession. >> let's hope he's right. today's report is the first of many marking the state of the economy, especially this week. tomorrow, the fed will make its announcement on interest rates and will likely hike that interest rate. so let's begin with the economy this hour with cnn reporter ma...

Still raining there. phil weir joins us. how would a declaration of a national emergency help now? >> well, it would vary, depending on how ambitious the president wanted to be with that particular tool. he's already used sort of provisions of the war powers act to ramp up production of fire hoses out west when there was a shortage of that. there are those that say if you declare a national emergency, shut down offshore drilling, these signals that the cause of this problem is the kind of fuels that leak and burn that the world depends on in so many different ways. but the need to move away fr...