WASHINGTON (NewsNation) — President Joe Biden delivered remarks on inflation hours after the government reported the economy shrank for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.

The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs.

Biden spoke on the report and the “Inflation Reduction Act of 2022” Thursday afternoon from the White House.

This comes as the latest NewsNation/Decision Desk HQ poll found that voters’ fears about inflation are rising, surpassing their concerns about unemployment. More than 62% of voters surveyed ranked inflation chief atop their concerns facing the country, rising above their worries about unemployment, COVID-19 and crime.

The Associated Press contributed to this report.

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