— with Biden inviting congressional leaders to the White House for a Tuesday meeting in hopes of ultimately getting a commitment to avoid a default.
The economy could still stumble. Several economists forecast a recession this year, considering the wild cards of the war in Ukraine, global tensions and the debt limit fight. But the steady job gains have suggested to some policymakers and economists that it's possible to curb inflation without layoffs.“It wasn’t supposed to be possible for job openings to decline by as much as they’ve declined without unemployment going up," Powell said."Well, that’s what we’ve seen.
But that doesn't mean voters are pleased with the economy. Inflation remains a persistent irritant as Biden has begun the process of launching his reelection campaign. GOP lawmakers have used the high prices in the wake of the pandemic as a political cudgel, with House Speaker Kevin McCarthy, R-Calif., insisting on spending cuts as part of a debt limit deal in order to reduce inflation.