The White House and congressional Democrats are in talks on legislation that aims to fight inflation, rein in the deficit and revive parts of Biden’s agenda. The contours of a potential deal remain under negotiation, but the package would likely include capping the price of insulin – a key medicine for diabetics – and federal investments in both clean energy and fossil fuels, people briefed on the talks said last week.
President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation.
“I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth Beach, Delaware. “I think we’re going to be able to get a change in Medicare and a reduction in the cost of insulin.”
