A resolution expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth.

Bill 117 S.Res. 724 is a resolution introduced in the US Senate that aims to express the Senate's opinion on the definition of a recession. The resolution states that historically, a recession has been defined as two consecutive quarters of negative gross domestic product (GDP) growth. This means that when the GDP, which measures the total value of goods and services produced in a country, declines for two quarters in a row, it is considered a recession.

The resolution emphasizes the importance of this traditional definition of a recession and highlights the significance of tracking GDP growth as a key indicator of economic health. By reaffirming this definition, the Senate aims to provide clarity and consistency in how recessions are identified and understood.

Overall, Bill 117 S.Res. 724 serves as a statement from the Senate on the definition of a recession and the importance of monitoring GDP growth to assess the state of the economy. It is a non-partisan resolution that seeks to uphold a long-standing economic principle.