WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) issued the following statement today regarding the new report by the nonpartisan Congressional Budget Office (CBO) confirming that President Obama’s proposed budget for fiscal year 2013 would stunt economic growth and stifle job creation.
“As the nation struggles through the longest period of unemployment above 8 percent since the Great Depression, so many Americans are asking themselves, ‘How could this economy get any worse?’ The non-partisan Congressional Budget Office has an answer: enact President Obama’s budget.
“Failed leadership and failed policies have consequences. That is the message from today’s CBO report regarding the president’s budget proposal which should have been written in red ink instead of black. For anyone who thought that $3.5 trillion in new deficits over the next decade – paired with the largest tax hike in American history, as the budget also entails – wouldn’t do damage to our economy, this report serves as a splash of cold water.
“Today’s report is a reminder that we have to stop spending money we don’t have if we want to grow our economy and confirms that no nation can tax, spend, borrow, or bail out its way to prosperity. House Republicans passed a budget that will solve our debt crisis and grow our economy though tax reform that will make our code fairer, flatter, and simpler.”