WASHINGTON – House Republican Conference Chairman and Financial Services Committee Vice Chairman Jeb Hensarling (R-Texas) issued the following statement today regarding the updated estimate by the Bureau of Economic Analysis (BEA) of gross domestic product (GDP) for the second quarter of 2012.
“Today’s news that the economy grew last quarter by only 1.7 percent, the second consecutive quarter of economic contraction, is disappointing but hardly surprising. The president’s policies have failed and are making the economy worse. Instead of focusing on job creation and growing the economy, President Obama spent most of his first term only growing government. Today’s report is more proof that new policies and new leadership are more needed than ever to restore jobs, hope, and new opportunities for the American people.
“The result of the president’s failed leadership is felt everyday by millions of Americans out of work and struggling to pay their bills and even fill up their cars. Denigrating success, dividing Americans, and threatening small businesspeople with higher taxes has consequences, as we can see in today’s report. It’s time for the president and Washington Democrats to turn away from the politics of division, diversion, and envy, and take up the commonsense, bipartisan jobs bills passed under the House Republican Plan for America’s Job Creators.”