WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-TX) released the following statement regarding the second quarter Gross Domestic Product (GDP) released today by the Department of Commerce. This quarter’s 1.5% GDP reflects a .5 percent drop from last quarter and a 1.5% drop from the second quarter of 2011.
“Today’s anemic economic report cements what Americans already know - that President Obama’s policies have failed and made our economy worse. The facts speak for themselves: 41 straight months of unemployment at or above 8 percent, a record number of Americans on food stamps, and nearly half of all Americans now classified as poor or low income.
“During the final quarter of 2010, when our economic growth was almost twice as strong as it is today, the president would not raise taxes. Now, in a much weaker economy, the president and Senate Democrats think it is a good idea to raise taxes on our nation’s job creators. Private economists estimate this tax increase will impact nearly one million small businesses, costing our nation 710,000 jobs during the worst unemployment crisis since the great depression.
“It is beyond comprehension why the president and Senate Democrats want to force us into a double-dip recession. That is why the House will vote to stop the tax hike next week to bring much needed certainty to our job creators, families, and seniors.”